What happened: Owners are pushing for a salary cap, which the players' union opposes. A management lockout could begin Dec. 2 if the sides do not reach a new agreement.

Why it matters: A prolonged shutdown could disrupt preparations for the 2027 season, scheduled to open March 24. The current agreement followed a 99-day lockout in 2021-22.

What to watch: Cap negotiations before Dec. 1 will determine whether the offseason begins under a new labor deal.