Finally: There WILL NOT be another lockout, both sides know that it will kill the NHL if they have another lock out so soon. Both sides will go in with big demands, but count on the new CBA to look a lot like the current one with some of the loophole closed. If the cap goes down, expect all contracts to be adjusted accordingly, there will not be a gush of talent on the market after the new CBA.
I think the owners are fully prepared to do what the NBA did, and lock the players out for the first 2-3 months of the season if they need to. I think their first CBA proposal was over the top, but it's just that, a first proposal. Ideally the new CBA shouldn't be a whole lot different than the current one, a few tweaks here and there and a slight reduction of the players' share of the revenue, and boom, it's back to the ice. But the owners will hold out until they get their way, or at least as close to it as they feel they can get. The players should "win" this one, but I don't know how they really can.... it could get ugly.