My guess is there will probably still be some sort of a soft cap - but the MLE will disappear. Teams will still want the Bird Exemption.
I also think teams will be forced to honor existing player contracts - even those that take them over the cap - but will be restricted from future signings that would put or keep them over the cap. The only existing player contracts that are likely to be effected are those that specify a salary based on a certain percentage of the cap - and that's if the cap goes down.

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