It will be very interesting to see what kind of roster they can cobble together if this happens. They'll have no MLE, no LLE, no trade exceptions, etc. Literally, the only way they'll have to fill out their roster is via trade or minimum salaries.
Vets may sign on for a year or two to try to pick up a ring, but I've got to think that most players in or near their prime aren't going to want to leave $4 million+ on the table per season.