the article i read a while ago said that there will be a draft in April, but no free agency, and no negotiation of any kind with draftees. The Lockout will start after the SB, combine as usual, draft. Just no FA and no signing draftpicks...
The problem i see with this, is that a team wont be able to address needs in FA, then fill remaining holes in draft. I will effect bad teams more than good ones I think.
Edit: I found a link to the article...
http://sports.yahoo.com/nfl/news?slug=ms-laborquestions090810