I suspect they leave the cap where it is and just have 30-50% or so Escrow given the revenue declines. Currently if revenue isn’t enough to support the cap number the players can owe more money then they paid in Escrow. For next year they likely negotiate to take more up front.
That ensures that new free agents don’t get screwed and everyone shares with the pain. It’s also how the system is more or less set up to deal with this type of situation.
The alternative is that next years cap drops to 50 million and no team can field a legal roster.
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