On September 15, the NHL will lock out the players if no deal is reached.

Not the greatest of news delivered via Travis Hughes at SB:

NHL Commissioner Gary Bettman left little room for doubt on that Thursday, telling the assembled media after a short bargaining session in New York that the league will not play another season under the current agreement. If Sept. 15 comes and there's no deal in place, we're heading to a lockout.

There was speculation that maybe the League, and the Players union would extend the current deal to this season. Bettman confirmed that wouldn't happen today.
So yea, not good news, but not terrible either. There is still plenty of time to get a deal in place, but the deadline is now set.
September 15, 2012. 
A lot of peoples first call is to call this Gary Bettman's fault, and blame him. Huge mistake.
This is a situation that could be everyone's fault. The players, the owners, and yes the commissioner
Let's hope it doesn't get to the point where the lines are drawn.
UPDATED: Check out this piece by Mark Spector. Nails everything.