This brings up an interesting question; how the heck are arbitrators going to handle the impact of the pandemic on HRR? If they are to just apply recent comparable contracts and select the best fit, that could make for a tremendous over-payment.
The cap is going to stay flat, and arbitration will be 1-2 year contracts, so it isn't like there'll be much change in that situation.
The kind of change we'll see is over long term contracts, where teams might be less aggressive. Usually, teams go long term because if they lock a player down long term, the cap will go up, and the players cap hit will deflate as a result. (Meaning, it will take up a lower percentage of the salary cap than when it was signed)
If the cap isn't going up, or teams aren't sure if it will go up, there's no real advantage to going long term. The only players who will get long term deals are superstars who have the leverage to get it.
In terms of arbitration, we might see more teams not qualify players, and risk the player becoming a UFA. Teams who are tight to the cap won't want to risk that a player can get too much. The Sharks did this with Demelo a few years ago. This usually happens with players who might have a good resume in traditional statistics to argue for a raise in arbitration, but would never actually get that raise as a UFA on the open market.
I don't think the Senators actually qualified Duclair last season. They gave him a very fair 1 year AAV. I wonder if it is a situation where they put something on the table, and if he wasn't interested, weren't going to risk qualifying him because of the risk of arbitration. The dynamic with Duclair last season was that the Senators paid him more than any other team would have given him if he hit free agency, but if they qualified him, they risked him getting a greater settlement than what they gave him because he had amassed a reasonably GP and has had decent offensive production.
I think the dynamic is similar this season. I think Ottawa will give him more on a 1 year deal than he could reasonably expect to get as a UFA, but Ottawa won't qualify him because they won't want to risk a big arbitration ruling. I think he will get a raise, but his AAV will be a lot less than people expect.