Assuming NHL revenues of 2.1 Billion, $40 Mil SOFT CAP is 57.1% of revenue. The 50 Mil hard cap is 71.4% of revenue. This deal also has no form of linkage, and is therefore, IMHO, a boguss rumour. The rumoured offer in the Meehan thread ($42 mil hard cap, 54% of revenue, 50/50 split of profits over 115 mil) is much more believable.
That offer can be taken by the players to probably get say 57% of revenue, 60/40 profit split over 90 mil, etc. But $50 mil hard caps arn't going to fly, that is simply too much money.