Yes there could, but as This Write Up up from over at mockingthedraft puts it, we could be watching some piss poor football.  From the sounds of it, any UFA and anyone coming out of the rookie draft class that year could still be eligible to play, but they'll have to do it at a much smaller salary.  So are you ready for Scab Football?  Maybe it'll end up like that movie The Replacements..........Heres a quick break down from his write up:

Typical owner/union stalemate.  But what happens if the teams don't resolve this dispute by March 5 , 2011.

1)  The owners will lock-out every player that has an existing contract under the current CBA. 

2) The owners will get 5 Billion Dollars from the 2011 TV contract.  Even if they don't play.

3) The owners will field teams from players that have been previously cut, the USFL, and the Arena league. It really shouldn't surprise anyone that the NFL was a big supporter of the USFL and that the NFL chanel just signed on to broadcast arena league football games.  These players will probably get paid about 10% of the total cost teams pay now.  Also there will be no pension payments and long term health cost afforded to these players.

4) The present players will be frozen out.  Their pensions will be frozen.  Future health care cost will be in Jeapordy.

5.  Football fans will not be paying for the best football in the world.  Instead they will be told to accept this rag tag football in order to "save the game".  In the meantime each owner will reap the reward of $156,000,000 one time profit for their team.  That is a bonus of 15% of the value of your business.  Just for being that unkind to your customer, the football fan.