The Redskins and Cowboys finally agreed upon something as they filed a joint Grievance against the NFL and the NFL PA, for the loss of a combined $46 million in cap space over the next two years. The latest update says that the case will go to an Appeals Panel:
UPDATE 1:25 p.m. ET: The league contends that the arbitration will proceed under Article 15 of the CBA, which provides for "system arbitration" by Special Master Stephen Burbank and review by an Appeals Panel.
It's unclear if the Panel has to make a binary decision as to whether or not the punishment was just, or if they have the power to reduce it, spread it out over more years or any other variations or reparations to the Skins and Cowboys (I don't see this as an option at all).
Given that there could be potential fallout and counter grievances, I don't know how quickly this will all come about. As the teams were operating under the assumption of extra cap space, or the league could look to reduce the overall cap for every team to the $113-117 million range that it should have been.