If you put conditions on it so GM's would only use it if they absolutely had to then it might work. The GM's would probably get exploited by the star players to use this as a bargaining chip for contract negotiations.
1. Player must be under contract with your team the previous season.
2. Player can only be placed on the list for 1 season on a 1 year contract.
3. Player becomes a UFA at the end of that season. Not eligible to be resigned until July 1st.
4. If player is put on LTIR, there is no cap relief for the contract.
5. Player can't be traded.
6. Player must be kept on roster the entire season.
7. Franchise tag must be applied by June 30th for the next season.
8. Franchise tag contract is a 1 year deal with a salary of 10% of salary cap for next season.
9. Player must play in 30 regular season games to be eligible to play in the playoffs.
I am sure there are other limits that could be put on it.
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