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What are the long-term ramifications for the league?
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Barring a new CBA, the players either will be on strike or the owners will lock out the players in 2008. The union likely will decertify, and antitrust rules will apply. Also, the NFL draft will go away in 2008 as part of a clause inserted in the current CBA. Players coming out of college could be free agents, with no salary restrictions. Open negotiations, including those for rookies coming out of college, will leave it to the players to get what they can get.
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http://sports.espn.go.com/nfl/news/story?id=2351462
Excellent resource for those curious about everything that's going on.