If he's not resigned or traded by the hearing then he will be awarded a 1 year deal for this season (08-09), then he will be a UFA in the summer of 09. I am also pretty sure that once Bouw has been awarded his 1 year deal, the Panthers can't negotiate until January or possibly even August of 09.
what happens if the determined amount would put the team over the cap limit?
Minors for some and possible buyouts for others provided the team has 2 arbitration awards. The team then has 2 days (beginning on the third day after the team receives its final decision) to buyout a contract. This is the "Ordinary Course Buyout outside the Regular Period". A team can use this option only three times for the term of the CBA.
Article 11.18 indicates that if a team has only ONE hearing, then they can not exercise the Buyout outside the regular period clause.
and the arbitrator CAN NOT evaluate the team's cap situation when rendering his decision.