There is a 0.00% chance the owners cut teams. It's not in the realm of reasonability. Not only is MLB attempting to expand right now, but cutting 1/2 the teams would never pass voting by the owners themselves, and even if that happened, the ownership of the 50% of the remaining teams would have to come up with $30 billion of liquid assets to buy the current owners out. It's just not happening. Cut your market in 1/2, cut your revenue, cut your expansion plans, lose $30 billion in buyouts, gut the value of the teams which do still exist, eliminate any public interest in the game.
Far more likely to see an 90s NFL style lockout with scrub players or the cancellation of an entire season if the owners are truly committed to breaking the MLBPA with a salary cap.
Owners also want a floor, and probably more than players do. The profitable teams like the Dodgers and Yankees are furious at teams like the Rays. In fact, getting ousted from the playoffs with their own money has probably brought the Yankee's ownership fury to a head as the Yankees have been on public record about this for years. The Rays literally design their team to live off the free money the profitable teams produce in revenue sharing. That playoff exit has to be infuriating.