Leverage? How about these presssure points? The players have already lost this season's salaries so there is little pressure on them to get a deal done now. The owners on the other hand:
April 15, 2005 - ESPN's broadcast option for a further two years is due
June 25-26, 2005 - Entry draft
July 1, 2004 - NHL free agency
July/August 2005 - players signing contracts to play in Europe. Those without NHL contracts (all but 258 players) will be bound for the full season to the clubs in Europe.
September 15, 2005 - NHL camps open.
At this point all the pressure is on the NHL not the players who will not draw a check until next October.