Any dreams of Stan Bowman adding via free agency are now most likely shot to shit. I reached out to an NHL guy for more insight.
Everyone is going to try to do their best to make things work. The players are likely going to differ their final paycheck so they can have more leverage when it comes to next year's cap, but that is a measure to try to keep the cap flat as opposed to it going down. The only way the cap goes up is if by some miracle the season re-starts AND fans are allowed AND every game in every building is sold out which, of course, is impossible. So, in a word, it would appear that the NHL is...fucked.
Long way to go, but no chance this ends well for anyone. Bad time to be a free agent. Bad time to be a team against the Cap. Bad time to be Stan Bowman.