From what I gathered in the "Twitterverse," all players drafted this year will be placed on the teams that they were picked by for Madden NFL 12, regardless of whether or not a season is played. I don't know exactly how the logistics work out for that, but that's my understanding of what will occur if a new CBA isn't in place by the time game code goes final. Don't take my word as the absolute truth here, but I read it on more than one occasion on Twitter from people involved.
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