According to Adrian Wojnarowski of Yahoo! Sports:
Angry with the concessions already made to the owners and fearful of worse ones coming with the completion of a new collective bargaining agreement, the players could push for a scenario that throws negotiations into chaos and could eventually lead to the loss of the 2011-12 season.
They need at least 30 perfect of the union to sign a petition to decertify, followed by a majority vote to make it official.
"We're beyond frustrated with the concessions that have already been made," one source on the calls said. "If the union gives in on the [basketball-related income] split and the open system issues don't go to the players side, decertification may be the next step."
The two sides are scheduled to meet again on Saturday, November 5. With games already cancelled until the end of November, the recent threat of decertification and a substantial two percent difference in BRI negotiations, the 2011-12 season may be in jeopardy.
Hopefully the threat of decertification is more a bargaining ploy by the Players Union, rather than a realistic possibility.