Yes, I've done this with both Jeff Green (who I now regret letting go
) and Avery Bradley. I don't remember if I picked up Bradley early on this season, or late last, but it was with the same intent as with Jeff Green. Basically, you win a guy with a two or three year deal real cheap, then sit on him till he comes back the next season. More bang for your buck, for lack of a better term.
I don't see an issue with the rule as it stands, seeing as we have such deep rosters anyway. That, plus the fact that patience is a virtue, and if a manager is willing to burn a roster slot sitting on a guy who won't be back until next season, so be it. If others are so inclined, they have just as much right to place a legal bid on the guy and do the same.
Only thing I might be willing to consider would be some kind of minimum starting bid. For example, if Mo Will is a starting PG on most, (if not all) teams, he can be bid on starting at X amount of dollars - 1M, 2M, 3M, etc., whichever price the league agreed was fair. That way, if anyone actually has the cap space to sit on him this season, they can place a bid. If not, then he would go into the off-season FA pool, where everyone should basically have a fair shot at him once FA bidding begins. It might have some kinks to work out, but that sounds like a fair trade off to simply being able to get him at the cheapest price possible, or available seeing as how some of us are right up on the cap limit.
Just my two...