That might be the smartest thing to do but it wouldn't be easy.
Freeze the cap and increase the escrow by a lot to accomplish the same thing. Then adjust to 50% HRR after next season ends. With luck, the players get a lot of that escrow money back. They will then have reasonable data to set the cap for the following year.
The players hate escrow but it is a good tool. Under these circumstances, I could see escrow at 33.33%. The players would be screaming but they would have to learn to understand. They get all they have coming to them in the end. It just isn't the number they thought they had signed for.
That is.definitely a other way to go about it. Just optically it might easier to stomach getting the full face value on the cheque and getting a bonus payment at the end of the year, then getting a cheque that has a high face value but then there is a significant escrow deduction.