Representatives from the NHL and NHLPA returned to the bargaining table Wednesday, and are discussing the proposal put forward by the players' association on Tuesday.

NHL Deputy Commissioner Bill Daly says the league's negotiating committee had enough time to review the document it received and has provided a response to the union.

The NHLPA's offer included a smaller percentage of revenues for players over the next three seasons in exchange for an expanded revenue sharing program to help struggling teams.

The union says the deal could see players give up as much as $465 million if the league continues to grow at an average rate.

Talks will continue on Thursday at the NHLPA's home offices here.

The NHL's current collective bargaining agreement expires Sept. 15 and the NHL has said there will be a lockout if a new agreement isn't in place by then. The regular season is slated to begin on Oct. 11.