The owners have no problem with the current contracts.
They are locking players out to keep from paying them.
No one looked at the big 3 and said, "your contract won't be paid."
Their contracts are not being paid as we speak.
The reduction in salary was not pertinent to individual contracts it was part of the 7% swing in profits. How short-sighted and greedy do you have to be to balk at 50% of the profits your company makes instead of 57% when the difference to owners means staying in business? If the league continues losing 400 million plus dollars annually because they succumb to the players wanting the extra profit, and the league has to declare bankruptcy, do the players really win?
So then, is it safe to presume that you believe if there is a lockout, it's the players' fault, and if there's a strike, it's also the players' fault?
You state that the NBA is losing $400 million per year (the figure offered by the owners) as if it is incontrovertible fact. Other independent analysis (
link) indicates that as a whole, the league has made a consistent profit since the last lockout; the reason why teams benefit unevenly is because of the lack of (sufficient) revenue sharing between the teams.
So now the players are in a position where they are being asked to take less money because the owners of the Lakers, Bulls, and Knicks don't want to share more revenue with the owners of the Raptors, Bobcats, and Kings. Why should the players care more about the welfare of failing teams more than the other owners do? NBA player salaries, as a % of total revenue, are already right in line with those in the other major pro sports.
Put rather simply, if you are going to accept every argument the league throws out unskeptically, and insist that no matter the nature of the work stoppage (lockout or strike), it's the players who are at fault and should capitulate, then there is no point in trying to convince you that the players have a valid concern. I strongly suggest that you read the article I linked for a more independent analysis of the lockout.