Smith played his hand perfectly and had this insurance thing in his back pocket the whole time. He will come out of this smelling like roses!
I don't think either side comes out smelling too well... The amount for this year will (according to reports) end up being $141M per club ($120M cap + $21M benefits), which is exactly the amount the owners offered before the NFLPA disbanded itself back in March. A deal Smith called the worst deal ever in any pro sport.
In addition, there's a rookie cap and all "tags" are still in place.
And if the latest reports are to be believed, the players will cave on judicial appeals as well, meaning that disputes get settled by binding arbitration (although the arbitration panel isn't "Goodell" as it pretty much was before).
The one thing players got out of this compared to the March owners proposal is that future revenue is based on actual revenues and not projected revenue. So if growth outstrips projections, the players will get more money in later years of the CBA.