This would then add a much larger incentive to teams on the bubble to stay out of the playoffs. Why should the Bulls or Pacers or hell the Bucks being playing to win right now? Wouldn't each of them benefit greatly from adding a rookie star? Much more than the Lakers or Suns or Magic? If you did this you'd probably have to add some significant cash incentive for teams that make the playoffs.
I'm not even one to think the top pick is a guaranteed star, or that much more valuable than the 2 pick. But in aggregate leaving everything to chance seems a bit too much. However, maybe something like the bottom 5 get any order 1-5 drawn randomly, and 6-14 get any order 6-14, and then some system where teams can't perennially get a top 5 pick. Like you can only get 2 every 5 years or something, even if you trade them away.
I'm all for the idea of just making amateurs all FA, btw. But the players would want that money restricted pretty heavily so that vets aren't losing money to prospects, and once you do that, it starts becoming a situation where top teams can entice top amateur talent because there aren't huge salary differences available. So it's complicated. That's why I think getting rid of the max or implementing a hard cap would have to go along with this idea.