( CNN ) -- Negotiations between NFL owners and the players union on a new collective bargaining agreement were given a 24-hour extension Thursday , according to a statement from the league . `` The NFL and NFL Players Association have agreed to extend the expiration of the ( collective bargaining agreement ) for 24 hours and continue negotiating under the direction '' of federal mediator George Cohen , the statement said . `` The agreement by both sides to refrain from comment on the negotiations remains in place . '' Representatives of the players and owners have been meeting in Washington . `` I just want to say to all of our fans who dig our game , we appreciate your patience while we work through this , '' said NFL Players Association Executive Director DeMaurice Smith . `` We 're going to keep working . We want to play football . '' Without a last-minute agreement or the extension of the deadline , the NFL Players Association had been expected to decertify on Thursday afternoon -- meaning it would stop being the collective bargaining agent for the players . By decertifying , the union would clear the way for the players to file an antitrust lawsuit if the owners lock out the players as soon as Friday , after the current contract expires . All of that would mean the first NFL work stoppage since 1987 and the likelihood of months of labor and legal maneuvering for football fans already confused about how a $ 9 billion industry lacks enough money to satisfy everyone . Even if there is a lockout , the NFL draft would proceed as scheduled on April 28-30 , the league says . All other regular off-season activity would cease , threatening to delay or cancel the start of the 2011 season now scheduled for September 8 . Asked about the talks , President Obama said Thursday that the parties ought to be able to figure out how to split the revenue and keep fans happy . `` You 've got owners , most of whom are worth close to a billion dollars , you 've got players who are making millions of dollars , '' he said during a joint news conference with visiting Mexican President Felipe Calderon . `` My working assumption , at a time when people are having to cut back , compromise and worry about making the mortgage and paying for their kids ' college education is that the two parties should be able to work it out without the president of the United States intervening . '' Currently , the owners take about $ 1 billion off the top of league revenue , and the players get 60 percent of the rest . For a new contract , the owners want to double their take off the top to $ 2 billion , with the players continuing to get 60 percent of the rest . The NFL generated $ 9.3 billion in revenue in 2010 . Other issues include a proposal by the owners to increase the regular season schedule to 18 games from the current 16 . The overall number of games per season , including exhibition games , would remain at the current 20 . The players ' union questions why the owners should get additional money up front and challenges the league 's 32 teams to fully open their financial records . The owners , who say they are not legally obligated to provide full financial disclosure , argue they are looking out for the long-term stability of the franchises and the league . If there is a lockout , players wo n't get their salaries or bonuses , and if the shutdown forces the league to cancel games next season , the NFL estimates a loss of $ 400 million in revenue each week . Another possible scenario from the talks would have Cohen declare an impasse that would automatically extend the rules of the expiring collective bargaining agreement . Such an impasse can only occur if neither side takes steps to halt the negotiations , such as the union decertifying or the owners declaring a lockout .
Negotiations extension averts lockout , for now . NFL owners and players are negotiating a new collective bargaining agreement . A federal mediator is overseeing the talks . Comment: