The players are making some pretty serious concessions, here, but I don't think the owners will bite until a real salary cap is introduced. The luxury tax is a start, but I don't know if it's the solution.
IMO, the big problem here is that there are simply too many teams. Bettman (the giant moron that he is) has attempted to bring hockey to too many towns that probably shouldn't have teams. Columbus? Nashville? Miami (or wherever the Panthers play - I don't remember)? Freaking Phoenix? These cities probably shouldn't have hockey teams, but the location isn't as much of a problem to me as the number. The league currently has 30 teams, which is way too high. The talent pool is diluted and horribly skewed to certain teams, and this is coming from a Red Wings fan.
I think the league should be cut down to 24 teams or so, and some sort of cap introduced to increase the level of parity. The NFL's cap could be a good model for this; it's done a good job getting parity into that league.
PS Bettman should also be removed as Commisioner right now. While I'm railing against authority figures in sports, I hope Bud Selig falls off a cliff.