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One thing that you should be careful of is that there is already very little incentive to try and win if you are a middle of the pack team. If you can't make the playoffs you are better off losing rather than being competitive. The more you penalize the good teams the less incentive there is to be a good team unless you are a true contender.
Unlike real life there is no pressure to win (ie fan and owner demands) there's only the pride factor to motivate a GM. The difference in winning 70 games vs 80 games is a lower draft pick, so why bother trying to win those extra 10?
Having GM's who decide to go the "rebuild route", instead of winning those extra 10 games, has a lot to do with imbalance. It only makes it easier on the top teams to stay at the top because they can keep beating the re-builders. They only have to worry about the other elite teams and the odd re-builder who is lucky enough to finally see their prospects hitting their prime. They don't have to worry about that 75 to 85 win team that might get lucky, because that owner is more tempted to sell and get better draft picks.
Basically, I don't think you want to penalize people too much for winning and you want to encourage people to try to win instead of rebuild.
Also, you don't want to take all the fun out of the league either (ie trading draft picks)
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