I think the covid/cap ramifications are probably overblown.
The projected cap is just a formula, defined by ownership and the CBA, that can be adjusted.
It isn't really in the best interests of most owners, and none of the players to have a drastically reduced cap from one year to the next.
Yes, profits will drop for this season, but these owners aren't hanging on by a shoesting financially, to the point that they want to destroy thier franchise. They have made decisions, and given contracts based on past projections.
If the cap drops by 25 percent, so do player incomes, and they aren't going to like it either.
I envision some type of prorated cap, spreading the losses over a period of time. The league will address the problem in the offseason, during the owners meetings.