Personally, I was trying to stay away from this thread because I don't think you can drastically change the current rookie contract system without changing the entire contract system.
As Runnik said, Nfl careers are only average 4-5 years if even that. That is a little longer than the base rookie contract. Baseball players can play forever in the minor leagues and work up to the majors. Basketball players can always go overseas or even ride the pine for years and still bank well. Football has an incredibly high attrition rate. With the exception of signing bonuses and the current shift to guaranteed money, the power is always with the organization.
The current salary system for rookies is not in that bad of shape. With the exemption of the first 10 picks and respective salaries, they are in line with potential and expected productivity. Bonuses and escalators are what totally inflates the values of the contracts not the salaries. Stop the ridiculous signing bonuses and things will be much better. Outside the top 10, quality players are quite undervalued when comparing their salary and production.
First round picks are expected to be starters/stars for your teams for years to come with the probability of making a pro-bowl. Why shouldn't they be paid according to what their expected occupation/job title will be.
FOX Sports on MSN - NFL - Minnesota Vikings Team Salary
with that link you can view last years salaries of all players on their current team. The rookie contracts are not as out of whack as everyone seems to think they are.
Just looking at the Vikings, there were only 2 players still under rookie contracts that had the a salary in the top 20 players. Numbers are pretty low for other teams I glanced over.
Adrian Peterson, in his 2nd season as the #7 overall pick only made 2.8 million. Arguably the best RB in the league, not even in the top 10 on his own team in terms of salary. Warrick Dunn made more than 3mil last year. Who is saying that vets should get more money? They already do.
If you want a system that is based on performance, the only fair way to do that is to go to arbitration every single year and only have 1 year contracts. Neither of those things are ever going to happen.
Limit the top picks to a percentage of the salary cap. 5% max for #1 overall then decreasing as it goes down. then, as they do in baseball, go to salary arbitration after the 3rd or 4th year. No more of this exclusive rights-free agent non-sense. If a rookie contract exceeds 3 years, the 4th and remain are salary abitration eligible. Obviously, salary arbitration would only exist in rookie contracts, beyond that, good luck.
Get rid of the franchise tag also.
There is currently and has been in place a rookie salary pool that the nfl uses and it is based on which picks those teams have. I did find this and a corresponding link
Even though agents and teams get around the rookie pool with contract escalators, post first-year option bonuses and one-time incentives, the rookie pool was created to somehow slot the signings of draft choices by the position they were selected. Each selection in the draft is given a value, which is a predetermined cap number. All rookies, including undrafted rookies, have to fit within the assigned rookie pool.
Chiefs get largest rookie pool to pay draft picks - NFL - ESPN
Yes, there are and will be talks of a more rigid rookie cap. After searching for information about it, I came across this article which mirrors most of my sentiments.
Why Goodell is pushing for rookie pay scale