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Either one. It artificially deflated the contracts of actual superstars and allows pseudo stars to get wildly overpaid.
No max contracts and guys like LeBron and Durant would be on 7-8 year deals for nearly 40 mil per year, contracts so big and far reaching, teams could only carry one. And guys like Derozan, Beal and... yeah, Booker, would be on 3-4 year 15 mil deals.
Yeah, I could see that working but it's not all that different from what we saw a few decades ago. They scaled back the number of contract years because those high salaries became problematic when stars started getting injured or just declining earlier than anticipated. They'd have to improve how they handle that problem not to mention how to prevent teams from intentionally paying players beyond their effectiveness.