From ESPN.com
Should the owners vote against Upshaw's proposal before tonight's deadline, free agency will start at midnight ET and the NFL's economic model will begin to change over the next three years. This season would be the last in which there is a salary cap(unless they negotiate a new CBA next offseason). In 2007, there would be no cap and and players would have to wait until after their sixth season to become a free agent(unless they negotiate a new CBA next offseason). In 2008, the CBA expires, and if no deal is done before then, the NFLPA would likely decertify. A lockout would come next.
The bolded sections are my edit. Why is that never included in these stories. I know the players have said they won't ever have a cap again, but they also want this deal done now. I guess it just doesn't sound as scary. I almost hope there isn't a deal so we can go through all of this crazy drama again next offseason.