I am okay with overpaying free agents a little. I am okay with giving JD the 5 year contract. I am not okay with grossly overpaying, especially when it involves bidding against yourself.
I do not like the idea of doing away with the draft altogether. However, I think there could be some tweaks with the way the team controlled players are paid. Some suggestions might be to decrease the number of team control years from 6 years to 4 years, or maybe having an age limit where a player automatically becomes a free agent, regardless of years of service? Or increasing the league minimum salary?
The problem is that most players are improving while they are team controlled, and peak at about age 28. By the time they get ready to sign that big contract, they are already in decline.