I love the draft and would not like to see it go away, but I'll play a little devils advocate here...
Isn't this pretty much how the NCAA is run? I know teams are still limited to a degree by the number of scholarships they can offer, but year after year we see powerhouses like Alabama, LSU & USC load up on top recruits. Why couldn't it work in the NFL? Teams would still have a salary cap to deal with so its not like any team could sign every player they wanted to.
It is hard to fail, but it is worse never to have tried to succeed.