I think a reduction in cap is probably needed at this point for the league - without crunching any of the actual data of course. The last few seasons we've seen more and more teams max the amount of cap they're trading (at the full $10 million sent out or retained in player trades). I don't think we're seeing more teams try to tank or jostle for draft position that we regularly do, but it does feel like we're seeing more of an arms race at the top of the league and that is fueled by teams being able to manipulate the cap so aggressively. If you reduce the amount of cap a team can trade or retain on their books you'll only see teams hand out more bonuses. I think there is an argument that decreasing the cap overall would force talent to move around the league more aggressively to the teams that still have remaining cap space.
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