The Hornets are in a precarious position as a franchise. They are one of the teams that could lose the most (if not everything) from a season being cancelled.
At the Hive's 2011-2012 New Orleans Hornets Preview - At The Hive
If there's no 2011-2012 season, the Hornets will have three players under contract for the '12-'13 season. The optimist will say this affords the team a fresh start under a brand new CBA, with a front office that, to this point at least, I largely trust. And in all honesty, if the franchise can make it through a season without basketball unscathed, this is a pretty nice silver lining. Unfortunately, those three players - Okafor, Ariza, and Jack - stand to make upwards of $26 million between them next season. That's steep under basically any new variation on the CBA. Between the team potentially not existing in the near future, its best player on the cusp of skipping his final season by default, and its second best player leaning between "never being the same again" and (for the sake of argument) "Indiana," it's a perfect storm
Chris Paul might end up in New York next summer but the folks in New Orleans hope that they'll at least have one more season to convince him to stay.