That's if the cap stays the same or rises. I see no mention of actual cap numbers in the article, unless I missed it. In all likelihood, if player's salaries are reduced, it will probably follow along some percentage of the cap being reduced as well.
One positive thing mentioned in the article is the possibility of keeping the MLE and allowing teams to go over the cap to sign MLE players.
I've mentioned this many times. The MLE is the key to the Knicks future. If it does not exist, forget any chances of the Knicks winning a championship. With two players taking up over 60% of a team's salary with no draft picks, solid role players or assets to speak of, and without the MLE to sign quality role players, the Knicks would never be contenders.