When I talk of a PB cap I don't mean that an owner over the PB limit wouldn't participate in the rookie or FA drafts (I'm not sure which draft,or both, that you're advocating they skip). What they would do, as we used to before Barry blew up the PB value scale, is be forced to cut players prior to the FA draft to get under the limit. If they're still over Mike makes the cuts for them. I wouldn't want teams to skip a draft. The problem can be dealt with by making teams cut to get under, or making the roster retention limit 25 or 22 or whatever, but it would be a nightmare to keep them out of the drafts entirely. You'd have to skip only their draft picks that THEY still own and eliminate draft picks they've acquired. Uggh. Also if you want to make the FA record based too I guess that would help somewhat.
I still think that if we do all this we'll be back here 2 years from now with the same issue. You can't and shouldn't legislate excellence out of any endeavor. The good teams now often draft players with the late picks that turn out as well as or better than the early picks. They then can use these players or, as we hear complaints about often, package a broad group of talent to a team with many holes to fill for 1 player who is very good. This won't stop. The cream will rise.
The trick is, as in life, to create a system where the mid and bottom teams can envision themselves rising to the top as well because there are no structural reasons holding them down. Then owners who think they can run a baseball team will be encouraged to join PB and give it a try. People who just want to kneecap the good teams to make things equal won't be missed.