This is kind of burying the lead, isn't it?
This was a small part of their proposal, where they wanted a hard cap (that is right around where the cap is now, and kicks in 3-4 years from now), roll backs of current salary (I believe it was 15, 25, and 35% depending on the size of the contract), and a kind of franchise tag (that won't be unilateral like the NFL, but more like the ability to overpay 1 player per team).
While the Sign and trades were also part of it, if the owners get even half of what they want, it is going to completely change the way business is done anyways, so the lack of sign and trades will be a very minor difference.