I really doubt it is going to go down to the worst possible scenario like that. I'm sure each side is just trying to bluff as much as possible. For instance, the owners offered a 50% deal, but said if they didn't accept it they would go down to 47%. Why would they do that? Why just not offer the 47% right off the bat if you are through negotiating? Probably to scare the players into taking a bad deal and void the threat of decertification.
The players respond by saying we are going to decertify, to try and scare the owners into making a better deal.
Owners say respond with "If you try this **** it's is only going to get worse for y'all!". (Wouldn't they want this though if that was true? It appears to me most owners are perfectly fine sitting out the entire season if it means a more favorable deal for the next 10 years.)
So basically it seems to me it will just be a giant pissing match to see who caves first. I doubt the process of decertification will see itself out (though it could, both sides seem very stubborn). Neither side wants to go through this much trouble because I don't think either side is certain the outcome will favor them.