Many believed that yesterday's 24 hour extension to the current CBA was simply to complete negotiations on a longer extension in the range of seven to ten days. Those beliefs have come to fruition, as a deal has been struck to extend the deadline one week until March 11th. According to Pro Football Talk:
Multiple reports indicate that the NFL and the players' union have decided to extend the expiration of the current labor deal by one week, from March 4 until March 11.
The drop-or-get-off-the-dropper moment currently is March 11 at 5:00 p.m. ET.
So there appears to be a little light at the end of the tunnel. Personally, however, I'll hold off from getting too optimistic. I simply won't believe a new deal will get done, until, well, a new deal gets done. All we can do now is wait patiently for the next week, and hope the two sides can continue to make progress towards a new deal.