from Scott Burnside of ESPN,

Before our eyes, we watch the art of the deal ... or the art of the implosion.

Which will it be?

As one source close to the negotiations aimed at ending the almost three-month NHL lockout told ESPN.com Thursday morning, it’s close.

“Close but precarious,” the source said.

Precarious indeed.

After two days of marathon discussions, talks have reached a critical juncture, and sources on both sides of the negotiation indicate a precipitous decline in optimism since Tuesday evening when it looked like moderate voices were going to lead to a deal in the near future.

And while we have been saying for some time that this moment or that moment is crucial to saving at least part of the 2012-13 season, it now appears that we truly are at crunch time.

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