I agree 100% with everything yodabig stated. Especially 1b (don't want to give every new team a windfall of an 18yo HOF worth $1 million), 2, and 3.
Regarding improving the draft, many have said it, but I agree that increasing the median would make the draft much better. Keep the current number of 5-ball potential draftees in each draft. But, maybe add another 1-2 perennial all-star potential draftees, and maybe an additional 4-5 all-star potential draftees. I did a very-low-sample-size study of looking at every player in 5 prior drafts. The results: Each draft had between 6-13 serviceable draftees. I defined a serviceable draftee as one that was 18 or 19yo, all-star or above potential, and >$2200 in starting salary. Teams finishing in 1-4th place should have a better shot at getting a productive trainee. Not a franchise player, but at least someone who can contribute to the team. I know BB is not the NBA, but I believe every single NBA team has some rookies on its roster that get playing time (or at least will get playing time in future years).