Per Howard Beck at the NY times:
http://www.nytimes.com/2011/10/30/sports/basketball/nba-deal-is-close-but-last-hurdle-is-a-big-one.html?_r=2&src=tp

What's Left:

• BRI (50% vs 52.5%)
• Should over-tax teams get use of MLE and BAE (union yes, owners no)

Read on to see what appears to be settled

Items that apparently have been agreed to:

•  Contracts lenghts: 5 Bird, 4 non-bird (down from 6 and 5)
•  Raises: 5.5% annual for Bird, 3.5% non-Bird (down from 10.5 and 8)
• MLE starts at $5 million.  length and raise amount under discussion
• Amnesty. 1 player per team, usable anytime during the life of the new CBA. Limited to players under contract as of July 2011. Salary exempt from cap and tax
• Stretch payments to waived players: money spread out over years left multiplied by two, plus one
• Luxury tax: Starts at $1.50 for $1 over the tax. After $5 million, goes up to $1.75 per $1, then $2.50 per $1 after $10 million.  Rates still negotiable, but basic structure is agreed to.
• Relaxing of trade rules (one presumes the 125% is going up to some other amount making lop-sided trades easier
• Relaxing of restricted free agency rules (no details)