The latest offer tabled by the CFL Players' Association called for a shorter term and included concessions on the salary cap and the amount of revenue that would trigger the re-negotiation of the deal.
The union released terms of the proposal Tuesday, a day after it was rejected by the league.
That leaves the two sides without a collective bargaining agreement just over three weeks before the scheduled start of the regular season.
The previous deal expired at midnight ET on Thursday, the last time the players and league met face to face.
The union's latest offer covered four years instead of five and called for a $5.2-million cap, down from $5.8-million. The $4.8-million minimum remained the same.
The cap would increase to $5.6-million in 2015, then $200,000 annually over of the final two years.
The minimum salary would increase $5,000 to $50,000 this year, then $1,000 annually.
The union amended its proposed formula that would trigger the renegotiation of the cap or the entire collective agreement.
The players' original offer called for the cap or the entire agreement to be renegotiated if league revenues increased by over $12 million — excluding the Grey Cup — in the third year of the deal.
On Monday, the union increased that figure to $18-million.
Last week, the CFL tabled its "best and final offer," that included a $5-million salary cap (up from $4.8 million initially) and boosting the average stipend to $96,000 (up from $92,917).
It also called for ratification bonuses of $5,000 for veterans and $1,500 for rookies.
The CFL also set its gross revenue figure at $27-million.
The players had originally asked for $15,000 ratification bonuses for veterans but amended that to $8,500 while agreeing to $1,500 for rookies.
The CFL had given players until Monday to accept their latest proposal to be eligible for their ratification bonuses. On Tuesday, the league extended that deadline to Friday while calling the CFLPA's offer "unrealistic."