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I'd suggest having no salary cap but seriously tweaking the leagues financials at startup and to equalize the teams revenue/markets/rosters as well.
I've found a cap seems to encourage teams to not try to hard and load up on top picks every year because the top teams can only get so far ahead because of the cap.
With no cap the penalty for going 4 seasons with a .300 win % is much more severe because if they destroy their market it is much harder to compete with the teams who have been winning and building up their market, fan base, and revenue.
With a salary cap they just say to heck with it, the top teams are capped so can't sign any free agents so they can gobble those up and the top teams can't run away too far from the pack so negative effects of destroying their market is alot less.
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