The solution that is out there is to bridge the remaining gap in a way where both sides can feel as though they got what they wanted and gave up what they didn't care about. That may sound obvious, but that is the dynamic that is at play here. Bettman's mandate is get the 50/50 split. Fehr's mandate is to avoid the roll back of contracts. Those are not mutually exclusive.
If you ask me, I'm an eternal optimist, so I think they'll pull it out at the last minute and save the season. My guess is that the NHL trades time for certainty, and agrees to a deal where they get to 50/50 gradually after 5-6 years, so that most of the contracts entered into under the old CBA are gone.