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BY NICK GERHARDT

ANCHOR MEGAN MURPHY

You're watching multisource sports news analysis from Newsy.

The NFL has become a daily drama. Now, the lawyers are on the clock.

Time is ticking, and pre-season football--along with all the collective revenue it generates--is in danger.

The target date for resolution? Sometime in mid-July.

As unnamed sources play both sides, the best barometer fans have right now might be the annual Hall of Fame pre-season game, according to multiple media outlets. That contest, which usually signifies the beginning of the NFL season, is still on according to the league.

By canceling preseason games, the owners and players stand to lose between $200 and $800 million.  CBS Sports’ Ryan Wilson calls that an “incentivizing effect” towards resolution.

“If the last month has taught us anything, it’s that posturing gives way to actual negotiations when the specter of losing billions of dollars is immenent [sic]. If this doesn’t motivate the owners and players to figure things out soon, the season is already lost.”

So the league and players will lose millions if the lockout drags into August--but the two sides still have to divvy up billions. ESPN’s Sal Paolantonio says that could take some time.

“Progress is slow—maybe too slow. ... But sources with direct knowledge of the negotiations  told me that the sides are too far apart on the proposed revenue split, and how to define revenues, and that puts the first week of preseason in serious jeopardy. ”

But Yahoo! Sports’ Michael Smith says -- keep the faith.

“Despite a breakdown in communication and trust that boiled over last week, the two sides are closer to an agreement than many people realize--perhaps than even some of the people involved realize. That the respective negotiating teams hung in amid the negativity and held a marathon session Thursday and a shorter one on Friday was a deceptively positive sign. ”

Lawyers for the two sides met Tuesday and again Wednesday.

NBC’s Mike Florio says, while the lawyers can hammer out language, face-to-face interaction between the league and players is also a must.

“What do you really resolve between the lawyers if you don’t have the people in the room that can negotiate the issues that still remain to be resolved between the parties? So Thursday, Roger Goodel, DeMaurice Smith and the key owners and key players return. Is that enough time to get a deal done?”

Consider Florio’s best case scenario: with an agreement in principle in place by Friday, expect a week to finalize details.

That would leave just seven days for the Bears and Rams to sign free agents and draft picks before training camp begins on July 22nd.

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Transcript by Newsy.