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The owners aren't giving up anything. The owners themselves stand to make a significant amount of money if there is no football. At least some owners would make more money without football than with it.
Obviously the owners don't want to go down the lockout path. The impact to their community, local businesses and their staff would be devastating. However, that motivation only goes so far in the negotiations with the players.
Not really true. They get revenue streams doing a lockout, but it isn't free money. The networks are not going to pay the NFL for the right not to broadcast games. The networks will pay the league during the uncapped year, but the league still owes them the games they paid for. That means that they could broadcast games for free the last year of the contract.