Tanking is a good thing.
This is an entertainment product, not a true competition. That ship has sailed long ago, there is too much money and casual fans to change it now.
Most people (ie not hardcore fans) only care about things being interesting, they do not care about the details of the game. They want the extremes because that is interesting, average is boring. Going on cup runs is interesting. Star players are interesting. Top draft picks are interesting. Teams going through tank/contention cycles faster is interesting. Mid/average is the boring zone to avoid.
That is not to say there should not be rules about repeatedly drafting 1st overall. The rules should be setup to reward interesting and punish boring. Repetetive is boring, so rules mixing it up are good. The important part is to ensure the rules to mix it up don't inadvertently reward boring/average.
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