They'll pump up attendance figures, merchandise figures, anything they can to show that the game is still surviving in these economic times. Plus they'll have the tremendous pressure of the top grossing teams like the Rangers etc. breathing down their neck to come to a solution that doesn't entail seeing the cap drop to 50. 50 million is undoable - every team will be jettisoning players to the AHL, it'll be horrific for the game. You'll have guys who can still play being told to sod off, you'll have absolutely - and I mean NO - player movements via trade (good luck trading Spezza or Heatley).
It's all around bad for the game. They'll come up with a way to skew the numbers in their favour - or they'll freeze the cap ceiling at a doable number and keep the floor where it is.
Or they take a page out of the NHL and allow for a franchise tag on one of the players (I wrote a thread about this earlier in the year) - which might be the best scenario.