So if this does happen, what are the consequences?

Here is a couple that I can think of:

1) CBA: This will make owners hammer down on players even more. Players talking with each other to decided who they want to play with and where? There will be more guildlines with contracts then what was previously discussed. We will most likely have a lockout next season. The NBA will get hurt. Owners will loose money and players will loose freedoms they currently have. I wouldn't be surprised if owners are preparing for a lockout if the signing happens. After an agreement, Owners could have more power. They can sprial the NBA into a worse direction. I doubt that owners will lower tickets prices because they do not have to pay players as much. People are greedy, especially those with a lot of money. They usually want more.

2) Lebron has ruined his brand. Lebron will not win a championship next year. A big three with nine crap players will not cut it. If Lebron does not win a championship his brand means nothing. And if there is a lockout, there goes another year. The guys get older and their salaries get bigger, which is harder for the Heat to sign quality players unless they lucky in the draft.

3) This will cement Kobe's legacy. I think this makes the Lakers even more dangerous now that you have three superstars together with a horrible supporting cast. Lakers will win one or two more championships.

This is all I can think of, please add more or critique away =).