I've heard of this being talked about with a few different teams, but I hadn't heard anyone was going through with it yet. I think the biggest problem they have is that you are paying simply for the name of your opponents, not necessarily how good they are.
I know that all teams aren't going to be equal (there will be teams at both ends of the cap) but we're supposed to believe that they all have the same chance at being successful. There's also the fact that we don't even know what any of the teams could end up looking like.
After this season, I think it might start to help, but it could really get messy if halfway through the season they're charging twice as much for the worst teams as they are for the guys heading to the playoffs. Hopefully they'll stick it out for a couple years to see how it works once things settle down.
Sinden retired 2 or 3 years ago. Mike O'Connell is the GM. And before you bury Harry remember it is Jacobs who sets the budget, the GM, whomever he is, won't be able to keep or attract free adgents until Jacobs opens his bank account.