Effects on league cap due to Covid?

I've been wondering about this for awhile. All these years the players have pushed and pushed for a % of revenue, as if its a pot that's going to continually grow. Now, with Covid I'd have to believe league revenues are going to take a huge hit. So my two questions are:

1 How drastically will it affect the cap? 5%, 10%, 20%?

2. How will the players react when teams can't sign decent free agents due to cap restrictions?


Honest questions, because I really don't understand how all this works.