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Glad to hear their contracts aren’t fixed but are tied to overall league revenue, which is cratering.

The individual player contracts ARE fixed. What ISN'T fixed is the total salary cap for each team in the league.

So here's how this fiasco unfolds ... (note that everything here is based on hypothetical numbers and is not tied to real figures for the NBA. The underlying point is correct, however.

A. Let's suppose the salary cap for each team was $100 million last season. That means they can pay their total roster no more than $100 million.

B. Let's also suppose the salary MINIMUM was $80 million. That means they have to pay at least $80 million to all their players collectively.

C. Let's also suppose that each team has ten players on the roster (I know this is incorrect, but it's a nice round number).

D. Finally, let's suppose that the agreement between the NBA and the player's union ensures that the salary cap and salary minimums are tied to league revenues, and that these two numbers go up and down as revenues go up and down.

So here's a hypothetical team called the Los Angeles Galaliens -- also known as the L.A. Galalians (LOL). They have a roster comprised of the following players:

1. Lebron James, who gets paid $35 million on a contract that lasts another two years.
2. Dave Chappelle, who gets paid $25 million on a contract with the same term.
3. Eddie Murphy, who gets paid $20 million on a contract with the same term.
4. Richard Pryor, who gets paid $10 million for the same two-year term.
5. Fitty Cent, who gets paid $5 million for the same term.
6. Five nameless scrubs who get paid the minimum salary of $1 million each on a one-year contract.

That's $100 million in salaries right there. The team is right up against the salary cap.

Now suppose the NBA's revenue is down, and the salary cap is reduced to $90 million for next year.

So you see how these L.A. Galalians have a serious problem. They have $95 million in contracts committed for next year. So they have to shave $5 million from their payroll while still carrying 10 players on the roster.

So here's what happens:

1. They go to the five scrubs and say: "We know you're worth $2 million each next year, but we can't afford to pay you that much and still have 10 players on the roster. So your salary can't be any more than $1 million. Sorry, bros!"

2. They go to Lebron James and Dave Chappelle and say: "Will you each take a $5 million pay cut?" They both say, "Hell no, Mo'Fo!"

3. So they trade Chappelle and his $25 million contract to another team that has room even under the reduced salary cap, and in exchange they get two players back who will earn a combined $20 million. If I did the math right, that leaves them with 11 players on the roster and a total payroll of $95 million.

4. They still need to dump another $5 million of salary to get down to $90 million, so they trade Fitty Cent and his $5 million salary to another team and get NO players in return -- just three basketballs and a half-dozen pairs of dirty socks.

That's how this fiasco shakes out. The top players with the multi-year contracts will still get paid what they are owed, but everyone else takes less money because the team has to reduce its payroll while still putting 10 guys on the roster.

It's really no different than GM or Ford cutting a deal with the UAW where the senior union workers get $65/hour, but the company is allowed to lay off all the junior guys and outsource half the production out of the country where they can pay Mexicans and Chinese workers $5/hour to keep their cars affordable.