NFL owners walked away from the negotiating table Wednesday when the NFL Players Association proposed to take an average of 50 percent of all revenue generated by the league, according to player sources.

NFLPA executive director DeMaurice Smith briefed club player representatives in a conference call Wednesday night, detailing his version of the abbreviated session that ended far earlier than the seven hours that were scheduled between the two sides in an effort to reach a new collective bargaining agreement before the current one expires at midnight March 3.

Consequently, a five-hour second negotiating session scheduled for Thursday was canceled, and no further meetings have been proposed. Also, the NFL notified teams and owners Thursday that a scheduled owners meeting in Philadelphia next Tuesday has been canceled, sources told ESPN.com's John Clayton.

"We wish we were negotiating today," NFLPA assistant executive director George Atallah said. "That's all I can say."

Wednesday's meeting in Washington started badly, one source said, when the owners' negotiating team interpreted the union's proposal of a 49 percent to 51 percent take as "total revenue," instead of the union's intended percentage take of "all revenue."

At the current revenue levels, "total revenue" has been defined as an estimated $9 billion gross, minus a $1 billion credit in the owners' favor. In the current CBA deal about to expire, the union's share has been estimated at about 60 percent of $8 billion, once the $1 billion credit was subtracted.

Owners have asked for an additional $1 billion credit -- or $2 billion in total -- before they split "total revenue" with players.

Smith has stated that the union would need to examine all of the owners' financial books before it would accept a substantial reduction in allowing the additional $1 billion credit.