Other than the exploitation of the loopholes leading to absurd contracts, not much was wrong. Record revenues, record salaries and contracts. Neither side was hurting. The only other issue, to me, was the CBA length. In my view, CBAs should be at least 10 years in length. They shouldn't be going through this every 5-6 years. And I do agree with the league's desire for fixed terms on contracts lengths. Beyond that, it's simply two sides of rich people grousing at each other.
I still see Fehr as the main obstacle to a deal being down and I think it'd be interesting if the PA put it to a vote of the players regarding the league's various offers.