You'll probebly find that, with several teams competing for each player, once one or two decent guys go to a team, some pothers may want to go to the same team! A cap will restrict this to a certain extent, but many players (particularly older players) will be swayed by the chance of a Cup!
And don't tell me none of you have favourite players you'd hate to see leave! Practically every player in the league, especially the best players, will ended up being hated by some teams' fans for leaving their team! You can say it's the same for everyone all you want, but don't tell me you wouldn't be bitter if, say, Sidney Crosby walked out on your team!
I don't know if this has yet been mentioned, but what would you do about a draft order? If every team has the same rights to acquire players, who gets the top pick? Giving it to the worst team last year is pointless, since they could have the best team the following year! You may as well chuck them in the FA pool too!