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We tried that a few years ago, but it didn't work out well - after a decade or two of cap increases, salaries (whose baseline grew along with the cap) were also a lot higher and we started getting a lot of questions about players apparently being overpaid. There's a small safety valve built in that allows teams a cap-free buyout of one contract every few years (simulating the compliance buyouts that happen after a new CBA), which tends to eliminate the worst of the worst contracts.
We also made some changes to player development that should avoid the talent pool inflation that was causing the kind of issue you're mentioning in FHM3. There shouldn't be a large number of NHL-quality free agents sitting around unsigned after several years, which was a big factor in pushing teams too close to the cap.
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