A hard cap means less money for players. No max contracts means less money for 90%+ of the players. The only thing that makes sense is a franchise tag. That's the only thing they could hope to negotiate. And since they should give up a significant share of BRI, I think it should be on the table. It is literally the only measure that could be taken. A hard cap does nothing to keep a player from taking less money, and no max contracts makes the league even more about the owners most able and willing to spend (a decided, locked in logistical advantage for the major markets [who have finally been losing ground on their power]).I guarantee there will be a long lockout. Owners should demand a hard cap. No max contracts. And franchise tags. Players won't accept that. I wouldn't be shocked to see a year before the lockout would end.
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A hard cap + no max contract might work, but they'd have to basically scrap everything from every previous CBA and start from scratch. THAT would be a long lockout. Furthermore, it would make maintaining continuity almost impossible, and that door swings this way too. And I can't see the players union going for it.