
You see Adam, the NBA actually does a lot of things right. You don't have cases like the Yankees for a few reasons. There is the luxury tax, which does allow big market teams to throw their money to some extent. However, it is a pretty steep price matching the dollar. This keeps teams in check from getting too ridiculous. Imagine if MLB set a limit at $100M. A few teams would pay a bit over. The Yankees would have had to pay $300M, which probably means no World Series this year.
The main reason is that the NBA rewards teams (and GM's) for drafting successfully. That is why they can always give their own player the largest contract. The flip side of this is, of course, those teams who have some poor drafts. In many cases, the Bulls (largely thanks to Krause) fall into this category. Some were also just bad luck. Missing out on Yao Ming, poor draft class with Marcus Fizer, the motorcycle incident, Riley snagging Wade, etc.
Paxson understood that roughly 1/3 of draft picks are busts. He worked to get as many as possible by buying Loul Deng from the Suns, trading Curry for Tyrus and Noah, and dealing Thabo for Taj Gibson. People always seem to forget those were picks the Bulls would not have gotten if not for craftsmanship from the GM.
I actually felt Paxson did a good job with the hand he was dealt. A poker player would understand you must have patience. Sometime you gotta wait for a good hand and go all in. He tried that with Wallace and lost. 2010 is that next hand for the Bulls. Remember they almost had Tim Duncan, T-Mac, or Grant Hill. Certainly would have changed the team's path if we had the greatest power forward of all time, right?

