What I have seen work best in any league is if you have off season turnover of GMs, you should do a dispersal draft.
In a league where all the franchise fees are paid yearly, it will allow for a new GM to put his mark on his team immediately, while giving a guy a shot at some decent assets.
If a team is absolutely in the ****ter, it is going to be tough to get a guy to pay regulary for several years before turning it around.
Just a thought.
Ahh.. That got me a pretty sweet team in the NHLS.. was gonna win the conference that year until it went bye bye.. ah well.