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I don't think it's as simple as "there's no cap, go spend freely." There are a lot of triggers in place that really limit team's ability to spend in an uncapped year, for one thing the number of unrestricted free agents will be greatly reduced. Also, I'm pretty certain there are other owners out there who will spend as much, if not more than, as Snyder with no cap.
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Exactly. People seem to think that with an uncapped year everything will stay the same as it is now with free agency. Teams in essence get a 2nd franchise type tag, it takes longer for drafted players to hit FA, etc. Teams will have a MUCH easier time retaining players. In my opinion and uncapped league makes drafting MUCH more important. For instance, before the salary cap era, how much player movement was there? Hardly any I believe.
I do think we'll see an increase in trades since you won't be wrecking your cap for years to come by trading players around.