If the new CBA comes with a lower hard cap and fewer guaranteed years on contracts, teams will have to take different different paths to contention.
Hoarding expensive stars certainly won't be as easy. Dallas won't have the luxury of contending with $20+ mil of payroll (Butler and Haywood) sitting on the bench for most of the finals. Boston would have been forced to let Rondo go after 2009 - or get rid of one of the Big 3 (and forget the Posey, Sheed and Jermaine additions). LA would have had to say goodbye to Odom and never would have been able to add Artest. The Heat likely wouldn't have been able to add Bosh.
With rich contenders unable to hit veterans over the head with the wallet (in other words, offering them the chance to get a big paycheck and play with a bunch of stars), as Wyc would say, teams like Milwaukee potential acquisition pool would increase from the likes of Salmons, Maggette and Gooden, to include the likes of Bosh, Odom and Rondo.
While that would be bad news for our current roster assembly, it's potentially good news for our rebuilding efforts. If a hard cap breaks up the likes LA, Miami and Dallas, and stymies would-be copycats like NJ and NY, not only does that lower the bar for contention somewhat, it forces more good players into circulation.
The hard cap could have a very rebuilding friendly ripple effect: Superteams (as determined by salary and talent concentration) like Miami, Dallas, LA and Boston would drop down a notch to join the 2nd tier of the Thunder, Chicago and Portland and Atlanta. Not only does this immediately elevate the 2nd tier to the de facto 1st tier (grown to encompass 8 teams) it also bumps up the third tier (Orlando, NO, Memphis, San Antonio, Denver, NY, Phoenix, Houston) to the 2nd tier, where they are just one move away from contention (think of the impact this would have on hometown hopes of retaining CP3, Howard and, retroactively, Melo). This in turn would reduce the distance between the lottery teams and ultimate contention.