I don't have a huge problem with overall compensation. I'd like to think that if salaries went down, so would ticket prices, but I don't think that would actually happen. That being the case, I've got no problem with millionaires having the money rather than billionaires.
However, I would like to see more movement in the league. I think one way you do that is to follow the NFL model of a hard cap, with a bonus structure and non-guaranteed contracts. That allows teams to get out from under their mistakes, and allows for some degree of parity.
I'd like to see some version of the NFL model, plus some mechanism to give teams more flexibility to make trades (a rarity in the NFL). I'd also like to see the NBA keep their rookie salary scale.
Perhaps, in balancing everyone's rights, a system where 50% of the length of a player's contract is guaranteed. I.e., on a five year deal, the first 2.5 years is guaranteed money. There needs to be something to allow some flexibility.
A smaller fix would be to give teams some sort of amnesty, when they waive a player, where that player disappears from your salary cap / luxury tax after a certain amount of time (maybe a year).