The NBA with no salary cap would look a lot like European soccer leagues and, to a lesser extent, Euro basketball leagues as well.
The big market teams would be on top ad infinitum. The smaller teams would have no hope of keeping superstars past their rookie contracts, signing any big free agents, or competing for anything much more than a playoff spot. Maybe if some super rich owner really liked a particular city, and was willing to invest their own money (at a loss), an occasional small city would have success. Otherwise it would be rare.
Personally, I have no problem with that. If the owners don't want to share their money with each other, that's their problem. They shouldn't be artifically limiting player salaries. It's just wrong.
America is weird. We belive in a free-market, but, want our sports to be socialistic, where all teams/cities have a chance to compete but at the expense of workers (players) earning a fair market value for their labor. These are illegal labor practices absent collective bargaining. Personally, I find it sickening.
It seems to me individual teams are either competing businesses or part of one business entity (league). They can't be both. If sports leagues want a level playing field for all teams, then that is a more of a single entity league (the MLS is like this). In that case, all league revenues should be shared equally among all teams. If the leagues want their teams to be competeing businesses, then they need to accept certain teams will always be disadvantaged.
If you set a salary cap at a level low enough for the lower revenue generating teams to compete and make money, the larger revenue generating teams will then be limited in what they can spend. This ends up resulting in money that the larger revenue generating teams would have otherwise spent on player salaries instead going straight back into the owners pockets. That is wrong and what player in their right mind would ever agree to those kind labor terms.