@Nublo They previously stated you WILL be able to wear the gear you currently have (they mentioned that at Pax East most recently) Apparently that is missing from the patch notes though. (Or at least I can't find it at all)
Previous
@ZOS_RichLambert had mentioned you would get those bonus CP and IF you could still not wear the gear you currently already do (VR16 for you) you would get excess CP to ensure you could. So you should actually be given 40 bonus points PLUS another 40 to ensure you can still wear your current gear.
I think they covered what generally will happen for most people in the patch notes, as with the catchup system I'm not even sure you can get to VR16 without getting 160 CP.