First I would like to say: Great game. I'm starting to get involved in the multiplayer leagues (they should get some features here) but I think these changes could make significant improvements in the single player game:

Focusing on just draft picks there are a several issues I have, especially considering the AI's stinginess with trading draft picks:

Draft picks are under contract for too short of a time. 3 years for a first round draft pick, then he doesn't even go into restricted free agency? The value of the contract severely decreases. While it is nice having a 60-70 OVR locked down for about 5 million for 3 years, first round draft picks are nowhere near as valuable as they should be.

Once you get to 2nd round draft picks, however, the value is basically 0. Even the 31st pick is worth nothing when you only get 2 years of the player on a guaranteed contract. If the player spikes up, there is no reward for taking that risk as he is immediately going to get a large contract once his extremely small 2 year contract is over. It is currently always optimal to cut all second rounders from your team, even if you are tanking harder than Sam Hinkie ever has, because the contract is so worthless.

While the most important part of the NBA for building a contender is the draft, the most important part of being a contender in BBGM is free agency. Long term success often involves cutting your own home grown max players because they ask for contracts that are too long, and signing new max players in free agency. Draft pick contracts must be increased to 4 years if they are to be of reasonable value.