That doesn't fix the system.
Actually, the more I think about it that's the problem. The NBA is trying to make a major professional sports league work in Portland, OKC, Salt Lake City, etc. So the owners proposal appears to limit Chicago, Dallas, LA, New York, Miami, etc to the payroll levels that can be supported in those small markets.
It's actually absurd when you think about it. They are trying to limit a player in NYC to what a market the size of OKC can support. No other business would do that and no employee would allow that.
The current system is working fine for the markets that can support all 4 major sports. The problem is the NBA has deployed a strategy os serving markets that aren't big enough to sustain any other professional sports.