There will be jobs. Less jobs. But there will be jobs. The average candidate received about 2 offers over the last 3 years. Expect it to be about half. One benefit, departments might be a little less picky than years previous because the lines are more tenuous, and if the dean has approved a rookie hire they would be foolish to drag their feet because that money will disappear.
I know this sucks. But, it will not be as bad as you’re imagining it right now.
I don't know if that benefit can materialize. If there are less departments opening up positions, those departments will believe they can get anyone (given that it will be the buyer's market). Therefore, competition may become steeper, even for jobs that some may not have considered in prior years.