I'd agree. In fact, if they just said "screw salary caps, luxury tax, do whatever you want" I'd actually like that better (than the current system). What they have currently is this carefully restrictive system that concentrates power in some of the dynasty teams, despite all the seeming attempts at financial parity.
If they just made it total wild-wild west, we'd at least get an evenly matched Lakers vs. Celtics/Some Other East Big Spender team each year.
Then again, I could be totally wrong.