It does seem like there's basically a league-wide cap crunch, now that the cap was lower than expected, but saying the situation is broken would be an exaggeration.
It's the first time this has really happened, and while it does seem like some players might be left without contracts that would normally get signed, it doesn't seem to be anything too dramatic. Good GMs will adjust so they'll be better prepared in the future.
A few more guys might go to Europe, and there might be unusually good depth options available to replace mid-season injuries.
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