Not each team, the league as a whole, in cash not cap hits. There is no floor on the cap, just the cash.
http://profootballtalk.nbcsports.com/2011/07/30/per-team-spending-minimum-doesnt-apply-until-2013/
For the 99% cash basis they'll just give the players union the difference in money. The penalty for going over the cap is draft picks, I would assume it may be the same for being under the floor.