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My 2 cents
The rookie draft has the real talent for a rebuilding project.
The FA draft is for fine tuning a team interested in making a run for the pennant. Most of the players are relievers, role players and spot starters that were cut the season before (did not make the 35 man cut) or players back from the dead like Hammonds in Atlanta this season.
The draft offers hope to "pretenders" that they will get a good FA pick or several if they have traded for them and resurrect their playoff chances.
The nature of the SIM game is that in order to win you must give up future value in both picks and young promising players in order to get the veterans you want. In almost all cases what goes up has to come down.
I believe the rookie draft and a PB cap is enough to maintain a reasonable level of parity all things being equal.
On the other hand it takes desire, dedication and some research to be consistently successful.
The FA draft as it is now encourages managers to compete that would not ordinarily feel they are in the hunt.
Mike Bravard (PB)