My sincerest hope is that GMs don't use this new found space to give bloated contracts out to second rate players. I don't want to see guys like Noel Acciari getting $4-5mil because the GM has the space. It would actually be shrewd of all the GMs to leave open room to help better facilitate trades throughout the season and certainly at the TDL.
I was going to also say, this might help a few teams get out of cap hell but I don't think there are many teams in that position. I can only name a handful of "bad deals" that are high dollar and even then, I think the team elects to keep them and just use the additional space as a buffer (Nurse, Huberdeau, etc).