Technically the lock out is over. But the players can't work out at the team facilities right now. The owners don't want to be held liable if a player should get hurt while there is no CBA. The CBA isn't just about paying the players. It is about all the legal issues that can come up between the owners and the players.
As for underclassmen that have declared for the draft, they can not go back the their colleges to play, because in the eyes of the NCAA they are now professionals.
And yes there will be a season, because there is too much money at stake. But that season my also be next year instead of this one.