Nix, the owners have made mistakes. They see the current model as failing and current pay scale not sustainable.
At the end of the day the business of basketball is a business of entertainment and not a consumer staple. The recession has hit teams hard and most are unable to pass along substantial price increases to keep up with inflation and other rising costs. NBA competes with other sports, theatre and other events for the entertainment dollar. If no NBA, the dollar will be spent.
The palaces built for the teams also are the stages by which the players perform on. The platform called "the NBA" also provides the players with countless opportunities to make money thru endorsements. Every game is televised and star players are shown on a national and international stage which builds their brand. Star players can earn more in endorsements.
Jordan made his uber salary at a time when he was both a box office superstar and almost guaranteed to place the Bulls deep in the finals. The NBA in the playoffs were prime time and HIS ratings were great. If a sitcom like Seinfeld which was on for 26 half hour episodes drew crazy numbers think about Jordans star power to deliver ratings thru the season. A Thanksgiving day game? Christmas day game? Allstar game? Say 5-6 marquee matchups in the season, and then the playoffs. The finals if goes 5 games is prime time. Thats 14 national games right there. Games are 2 hours a piece. The ratings are not "seinfeld" like but you get the picture. That's 4 times longer than a half hour game. I am leaving out other games of course on like TNT and WGN had that national presence in that time broadcasting games on cable nationwide. Jordan was worth all of his 30 million. BTW, he got paid 30 33mil on his last two years with the Bulls. Championships 5 and 6! Lebron has yet to deliver one nor the interest that was Jordan. By colluding and moving to Miami he reduced his brand and hurt the image of the NBA. He hurt the value of one franchise by moving. Much like Shaq did when he left Orlando.
Players step into a league already in place that they did not have to pay into to join. They can earn substantial wealth with no financial risk out of pocket. With no alternative in place they are not in a position of power.