Sounds like one of the key demands from the players was extended medical coverage after serious injuries. Under the old deal a team was responsible for all of the medical bills for up to one year after an injury I believe. This could be a sticking point in negotiations.
I hope a deal is reached that both sides are happy with, but I'm not sure how much leverage the players really have here. Thousands of players graduate from college every year, it's not like there's nobody else out there willing to play football for a living, even if it's not for million dollar NFL paychecks. And the star players may have the finances to sit out and fight for a better deal, but your average CFL player is probably not in a position to just forfeit salary without a second thought.