Here are a few ideas that both sides might agree to, and possibly make things a little easier on the long-suffering fans. By the way, it's completely possible that some of this already exists, and I'm just an idiot. But here you have it:

1) Allow teams to restructure contracts in a way that players do not receive less money. For example, if Player A is making $3million for 4 years, allow teams to restructure it so that he receives $12million for one year. The new salary would still have to work under the cap and follow other salary rules (like maximum raises) but it would give everyone more flexibility. Players would love making more for less work, GMs would love to be able to have more flexibility, and everyone would love it if teams could get rid of faltering players more quickly.

2) Allow teams to have the ability to include more incentives in their contracts. This seems to work well for football.

3) Allow teams to trade "Ghost Men." It seems often that teams have to come up with contorted ways to trade in order to have the salaries come out close to equal (when both teams are over the cap limit). Players get swapped around for no reason other than GM's needed the trade bucks. Instead, allow teams to trade Ghost Men that make up a certainly amount of their cap space. For example Team X trades Player A making $7million to Team Y for Player B making $5million and Ghost Player C making $2million. Team A could then use that $2million ghost salary to pick up a free agent any time.

4) Have each NBA team sponsor their first round draft choice the year of each olympics and each world games as a member of that team. The rookies take a year playing for the US of A (or whatever country they come from) getting their skills together and forming a grade A national team.

Sound good?