I don't think Blank is that quite loaded. According to Forbes, the Falcons are one of the lowest valued teams. But what helps them in part is because Blank's willingness to spend and being in a large market like Atlanta, but frankly speaking, I don't believe Blank has seen a sizeable return on his $550 (or so) million investment when he bought the team. According to Forbes, the Falcons are 28th in revenue.
And to answer the question, if the CBA is not extended before March 1, 2007, then yes, the NFL will go the way of Major League Baseball and not have a salary cap. There will be little to no control on how much a team can spend, no consequences on whether a team spends $63 million or $163 million on player salaries.
The teams that would benefit the most by this situation are the high revenue teams that can be like the Yankees & Red Sox and afford high salaries because they make it back. According to Forbes list, the 5 teams that would probably be able to take advantage of this the most are:
Washington, Dallas, New England, Denver, and Philadelphia.
You can see the Forbes list here.http://www.forbes.com/lists/2005/30/Value_1.html