Sorry that's not how things are done. Both parties signed off on the dotted line, that is a signed contract and it's honestly unlawful for a company as every league is to go to the player and say "Yeah that contract you signed a few months back, we want you to give some back" It's ridiculous how the league is acting in all of this. I don't care how much money a person makes, if you and your company agree to terms on a contract, that contract should be freakin honoured!! I'm surprised players aren't thinking of suing the league over this.
Even if the value of the contract is reduced by a new CBA, the contract is still honored! If you read an SPC you will see that the players agree to have their contracts modified if a new CBA is in effect. So if they sue, they will lose horribly because then its them trying to not honor the contract.
*EDIT - upon further review I am uncertain whether or not such language actually exists in a SPC.
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