My fellow amateur capologists had a similar discussion in 2006. This is what we came up with.
Amortization. Amortized bonuses can only be prorated over four
years. In 2008 they were allowed to be prorated over 5 years. If the
CBA were extended, they would be prorated over the life of the
contract or 7 years, whichever is the shorter time period.
Limited salary increases. The 30% rule will take effect. Future
increases in a player's salary is limited to 30 percent of a
player's base salary in 2009 plus his LTBE incentives. Example - A
player whose 2009 base salary was 1,000,000, the maximum increase
from year to year for the rest of his contraact could be no more
than 300,000(30% of 1 million). Paraphrasing eaglescap - "for the
purposes of the 30% rule salary is defined as base salary, plus
roster bonus, plus LTBE incentive. Signing bonuses do not count in
calculation for the 30% rule, but prorations from option bonuses do. Adamjt13 pointed out that this 30% rule will apply to every contract that extends from the final capped season into an uncapped season. (If it didn't apply to renegotiations, teams could just sign players to a contract that complies, then immediately renegotiate one that doesn't.)
June 1 has no significance - Clubs are usually able to cut players
from their roster after June 1 to defer some of the dead-money hit
to the following league year. With no salary cap in 2010, whenever a
club releases a player all of his unamortized signing bonus will hit
the 2009 cap
LTBE/NTLBE incentives - NLTBE incentives won't count against the cap
until they're earned. LTBE incentives will count against the cap
until they cannot be earned. Adamjt13 provides this example - "So,
for example, if a team has $500,000 of cap room late in the season
and a player is approaching an NLTBE incentive that would earn him
$1 million, the team has to open up another $500,000 of cap room
when he earns it. On the other hand, if a player has an LTBE
incentive, that money becomes available under the cap as soon as it
can't be earned (for example, if a player is put on IR before
reaching the necessary statistics to earn the incentive).