The Salary-Cap and the Luxury tax are the basic rules used at the NBA and on other leagues exactly for that - making the game more competitive.
It is already the case today regarding buying better players - the one who has more money still will have better chance to buy a better player.
but usually in closed systems, in franchising enviroment without promotion /demotion etc. but let continue somewhere else.
I present to you, the new commisioner once again.
For him, "The draft" is not a BB-managing feature, but having an eBay auction where he uses the extra time he has, is the core and only feature that this game should be based on.
did you noticed how much ebay goes on during draft night? There are trades every ten/twenty minutes ;) To get the talent you want, and don't draft. And here the talent is much more split, and you don't know so much about the players.