I find it a little odd to call the 90's a watered down league. Yes there were more teams, but that really just made the bottom of the league worse. The playoff teams by and large were every bit as good as the playoff teams in the 80's. There was certainly a transition as the great teams of the 80's got old, but one could certainly argue that the Jazz, Suns, Sonics, Magic, Rockets, Knicks, and of course Bulls of the mid-90's were every bit as talented as the Sixers, Lakers, Celtics, Bucks, and Pistons of the mid-80's.
In fact Michael Jordan was so good, I could certainly argue his Bulls (especially the last three-peat) were the best team since the Russell Celtics.