Owners caved. They didn't prepare for a legnthy lockout like they did this time (300 million dollar war chest)
It had only been two years since the prior work stoppage.
They rolled over this current agreement because the greedy owners wanted the expansion money and didn't want the expansion to go wrong because they had a work stoppage when teams were to begin playing.
The greedy players readily agreed to keep rolling over the CBA because they were making out like bandits under the system.