Does it matter? Regardless of whether pay is cut, a large number of these athletes will get endorsement deals outside of their contracts, adding millions to their income.
I also have trouble believing that owners have trouble paying for anything, especially considering the gargantuan mounds of cash spent on team sponsorship and stadium advertising.
There's a lot of money in sports, and this just rearranges that functionless money. Imagine if half the money invested in sports went toward medical research, feeding the hungry, or helping the helpless.