The WNBA and the Women's National Basketball Players Association will not extend the previous collective bargaining agreement before Friday's deadline.

As New York Liberty star Breanna Stewart first told reporters Thursday, the two sides remain far apart on multiple issues and were not going to hammer out an agreement before the deadline -- which had already been extended twice, first from Oct. 31 to Nov. 30 and then again to January.

This does not mean a strike is imminent, even though the players previously voted to give their union authority to initiate one.

A strike is "not something that we're going to do right this second, but we have that in our back pocket," Stewart said Thursday.

ESPN and USA Today also reported that the league is not planning to move toward a lockout, with both parties believing a 2026 season will be played.

This leaves what is called a "status quo" period, in which the working conditions from the previous CBA remain in place and the sides are able to keep negotiating.

Among the key issues still at play are the levels of player salaries and the methods of revenue sharing. The WNBA's latest offer included between 50-70% of the league's net revenues going to the players, while the union wants a certain percentage of the gross revenue instead, per ESPN and USA Today reports.

The WNBA has not lost games due to labor issues in its 30-year history. However, the continued negotiation standoff shrinks the league's offseason in which it has to fit in an expansion draft for the new Portland and Toronto franchises, free agency and the college draft in a shorter period.

-Field Level Media/Reuters