Making the luxury tax = the salary cap cripples teams that try to manage their payroll prudently. The luxury tax is higher than the salary cap because it takes into consideration that many if not most contracts escalate yearly. So say a team that is just getting by does everything they can do to build a winner and not end up in the red too much pays fairly smart and valued contracts to help build a winning team and does it with about $1 million to spare under the salary cap. Well 2, 3, 4 years down the line, many of those contracts will be worth more in annual salary and puts their payroll over the cap. They either have to get rid of players, let players walk, or can't sign any additional pieces, or all of the above because they can't afford to get into the luxury tax.
If the NBA does something like that, they would have to find a way not to punish teams that tried to build a team under the cap but got into the luxury tax due to escalating contracts. Something like taking the average annual salary of a contract so that a $45 million contract over 5 years is always worth $9 million every year towards the cap even if it starts around $7 million and ends around $11 million. They do something like that in the NHL. Or the value of contracts 4 years or longer in length are always worth the first year salary when it comes to calculating the salary cap. You can't cripple teams that are borderline financially viable that try to build winning teams. It would hurt those teams most. Teams like the Lakers, Knicks, and Mavericks under Mark Cuban would still go way past the salary cap/luxury tax. So who would that rule really hurt?
As for new rules...
-I imagine they are going to scale down the % of what the players make, so the maximum players can make is significantly less than it is now. That's part of the reason we saw some players surprisingly opt out of their guaranteed money. Personally, I would like to see the max a player in his prime can get in the 20-25% of the salary cap range. That allows teams at least in the first couple seasons of that max contract to have more manageable financial maneuverability unless they have a bunch of crap contracts already.
-This has been mentioned in another thread recently, but when a player opts out of a guaranteed contract, he shouldn't be allowed to re-sign to that same team for a minimum salary. That was brought up when James Jones returned to the Heat, although I'd make certain exceptions to that.
-I would like a league wide veto power on blockbuster trades. In recent years, some people have cried conspiracy with the Gasol and KG trades among others. What I propose is that if every other of the 28 (or 27 if it's a three team trade) teams unanimously think the trade is unfairly lopsided, they have the power to veto the trade. That doesn't automatically mean trades like Gasol and KG don't go down. It has to be unanimous among all the other teams. It would only take one team to be cool with it to allow it to go through. But it gives the egregious trade some accountability. And maybe it helps stupid GMs like Kahn out.

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