No. But the NBA will never be the NFL, with its non-guaranteed contracts and cutting, without payment, of high-priced superstars.
The NBA has a good system in theory. It just needs to keep refining its model: higher luxury tax penalties for the spenders, better rewards for those who stay under the tax cap, and a better minor league system.
The biggest issue the NBA has is that of all the major team sports, it is most dependent on the draft. I think they have to do something about the draft lottery if they ever really want to make their system fair. It is simply unspeakable that teams who barely miss the playoffs even have a chance, however small, of getting the first pick. And it truly boggles the mind when a team as historically bad as Charlotte was doesn't win that same pick.
So here are my suggestions for some "fixes" that does not alter the landscape of the league but moves it toward improvement:
1) Remove the lottery. The NFL doesn't have a lottery and their 1st round is just as important in some respects as the NBA's. Teams tank in the NFL. It happens. Big deal.
1a) If you insist on keeping the lottery, make it Top 8 only, and make the worst 4 teams in the league combine for 95% of the chance at landing the 1st pick. Worst team should at least have a 50% chance.
2) I think they should implement a system like the MLB has, where when a team loses a Class A free agent (like Lebron James) the team that is signing the player automatically loses a 1st round pick the next season, and the team that loses the player gets a conditional pick sandwiched between the 1st and 2nd round.
2a) OR: the team that loses the Class A free agent automatically picks up a 1st round pick from the signing team from the next available draft, at the slot the signing team is drafting (no lottery protections, or maybe Top 4 protected)
3) Get rid of the cap exceptions. Have either a soft cap and a luxury tax system, or have a hard cap. The union will never go for the hard cap, so the current system is with us to stay. Make sure that the teams who spend the most money have to pay luxury taxes.