My thoughts too.
They are not going to do anything about it other than likely issue a blanket warning at the end of their "investigation". This whole saga keeps getting reported on NBA media outlets, and the discussion focusses on how great of a ratings boost all of the FA moves are, and how it keeps the league relevant in the off season. Silver likes this crap more than the games themselves, I think. High drama reality TV.
Ultimately the small market teams are going to be screwed, and the integrity of the league will suffer, but it's creating buzz, and buzz creates short term returns. Silver will turn a blind eye.