Take it two steps further
The players should all sign one-year contracts with Euro league and other professional leagues. Since the NBA has broken all the current contracts, they should have those contracts declared null, and void; and sue for compensation in a class-action suit.
If and when the NBA wants to honor contract and US labor laws, they can re-hire players to play in the US.
If the US owners want to continue to pursue their proto-fascist Jim Crow league, then I could care less if the NBA is ever re-constituted.
In that case, I would suggest a new league, half player-owned (in equal shares for each active player, cashed out when a player retires, and then re-granted to new incoming players). The other half of the league would be owned by residents of the host cities, with each individual resident able to purchase up to ten times the reciprocal of the host-city's population. That is a city with 1 million residents would issue 1 million shares for the public, and any resident could buy up to ten of these. All resident owners would be allotted ticket-pairs in proportion to the number of owners in that city, with seating arrangements for individual games determined by lottery.
Player.-owners would get five times the number of seats per game as resident owners, using the same arrangement; except that their seats would all come from the inner tier of the host-arena.
All profits from the new league would be shared equally among all owners as a dividend. The exact amount to be shared as a dividend vs. invested to enhance the league infrastructure would be determined by a board of directors elected by all owners in proportion to the number of shares.