[Edited for brevity.]
- A one time walk away from a single contract from each of the 30 teams.
- This right can be traded to teams looking for more than one.
Although not ideal, at least 22 of 23 players on each squad will have their contracts honoured in full.
That's an interesting idea but one that I don't know would even be legal. I don't think one party of a contract can nullify it unless the other side agrees and given the kinds of contracts that would be targeted, it would be a tough sell to players all but guaranteed to get a much worse deal or none at all.
Plus there's still the problem that current contracts won't fit under the new cap (especially with the NHL contracts in the minors being included) without failing to honor them or allowing owners to basically force players to give them an interest free loan by delaying payments until the cap could cover them (and denying players the right to make money off their own money while allowing owners to).
Personally I think a staggered drop would be the best. Starting at I think 54% they could honor the spirit of all contracts now but with the 5% expected growth from the previous season and improved team revenue sharing almost all teams would be in the black in year 1. If revenue grows 5% or year 1, (as the NHL projects) drop to 50% the next season. Otherwise, drop to 52% in year 2 and then to 50% in year 3. That way players aren't being held accountable for owners' decisions and owners get immediate and long term benefits while still being held accountable for their contracts.