As far as rules, I wonder if there should be a hard cap for each team. It might make things interesting. Nothing too low mind you, say about $80-90 million. It might prevent a team from keeping and drafting 7-9 max level free agents, which, let's be real here, would be pretty unrealistic.
Just an idea. Also, will trades have to follow current NBA trade rules and if so what will be the cap and luxury tax levels?