Got_Wood states my main concerns ver well.
Plus you can kiss the franchise tag goodbye. Every year a player will come out and say he is the best at his position, and want to be paid like it, and he will be, raising the % that the franchise tag will have to pay out year after year.
Who knows if the slary cap comes back, if not team will eventually out price themselves from the average fan,(see Yankess, New York) competition will drop and the same teams year after year will sign all the "Big name players" while leaving little or no room for the smaller market teams.