Since I've come to the conclusion that v2 is still better than v1 and that there's no real necessity to make it better at this time, I'm switching the link to
v2.
I took a closer look at the "spread" the pro leagues use and theirs weren't as elegant as I was trying to make mine anyway. In fact, MLB's spread is all over the place (increase by X, increase by X-Y, increase by X+Z) and my v2's is actually already closer to the NBA's than I was trying to make it. That is, the % change between odds gets higher the further down the draft you go, just like mine does. And with v2's double midpoint adjustment, that % falls in-between the upper and lower %s. The NBA has been refining theirs for decades (since 1985) so if mine is similar to theirs, and I'm pretty sure they start from method A instead of an algorithm, then mine is probably plenty good.