So far, I’ve heard only one theory on why a lockout might not happen. You can view the complete blog post on the Hub. But in essence it is a thought based on the NBC contract that if there are games not played this year, they get tacked on to the end of the contract. Thus in 2021-2022, NBC would have the rights to televise the missed games at 2012-2013 prices. [And actually since they will pay the money in 2012-2103, they will televise them for free]
But the owners would have the 2012-2013 money now, which is Hockey Related Revenue, which would earn interest and if no players are under a labor contract, they would not have to share with the players. So it could be the owners would make out better by not playing the season and drawing the paycheck, even though they would play games for free at the end.
Who knows, but only one thing is for sure, it is the FANS who are going to loose the most.