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I think the NBA has something similar.
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My point on abuse is simple. Owners/GM's would have less incentive to pay big bucks for outside talent, when they can pay that same amount of money, but have it count less against the cap for their own stars. A team devoid of talent will still shop around, but more often, you'd see teams be more of a miser in Free Agency, except for re-signing their own guys. This would depress the overall FA market.
Also, real cash is still king. NFL owners can still only spend so much real money.
The system is fine how it is now.