I didn't take it as a team by team cap per se.. There will just be a range for which all teams have to stay within.
This won't gurantee the league that no more than 54% of salaries will be paid out but if the league can adjust the salary range, add in a luxury tax to further deter spending and link the salary cap range to revenues they could get pretty darn close to that 54% mark IMO- its not "air tight" but close.
..and I think at this point, with all the damage that has been done, this a framework that has to move these negotiations forward.