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Thumbnail of my solution:
Slot rookie contracts a 'la the NBA.
Keep the money pretty good for rookies, but less than it is now. Also slot the money down the scale a bit, so that it is not so top-five heavy. Let all of the players drafted in the top four rounds share some of the sugar that has been way too slanted to top-five picks. This will also increase the value of top picks because their contracts won't be as cap crippling as they would otherwise.
Use the money that you save for rookies and either use it to increase the cap for veterans or increase the players pension, or basically ask the union what they would like. If the rookie money saved ends up going to the players instead of in the owners' pockets, then the proposal has a chance in heck of getting passed in the CBA.
The devil is in the details, but that proposal seems better than what we have now.
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