Quoting: NickC1988
Revenues are going to return once the league returns in front of fans. Which makes perfect sense why the league doesn't want to start the 2020-2021 season until fans are allowed in. It's much too early to tell what will happen, but I don't think players would be willing to take the majority of the financial damage in this situation while the owners make the revenues they made pre-pandemic (Do you really think the demand will fall in big markets like Montreal, Toronto, Chicago, Vancouver, Denver, and New York?) People are dying for sports, and once fans are allowed back in (Again, we don't know what capacity), but once temperature-regulating cameras are in place, there will be significant buzz.
Sure fans are "dying" for to watch sports but the issue I mentioned is revenue. The NHL especially is a gate revenue driven. No way the stands are filled for a number distancing. Social distancing, I don't think arenas will be allowed to filled and people will just stay away.. Sure looks like a recession or worse is looming, people aren't going to spend discretionary dollars on high priced tickets and buy inflated sport merchandise. The businesses that bought tickets well those businesses may not exist anymore or they just have to cut on expenses.
So IMO revenues will be way down. And since the cap is based on revenues, the cap will drop too. I don't see there is path to keep the current revenues at all...maybe for years.
And since the majority of players are mid to low paid and will have contracts they are due to renewal this season or in the next few, they aren't going to fall on the "salary sword" just because some players have signed long term contracts will the pre Covid cap expectations.
The last thing players want is for teams to fold or suspend operations due to lack of revenues compared to expenses Those players are guaranteed their contracts but would be declared UFAs (Penquins were almost in this position years ago). The NHLPA membership wants more jobs, not to have less teams.