Close the loophole concerning AAV versus total contract value, as AAV is better in almost all cases. For the old guys that the extra years would be of value, maybe do something like each year after 37 is worth an extra 10% cumulative bonus. So say you offer a 35 year old winger a 4 year worth $12M. Someone else offers 2 years for $9M total. To compare, second contract is $4.5M AAV, first is ($12M+$1.2M+$2.4M)/4 = $3.9M AAV(adj). Add another year at $3M and it becomes ($15M+$1.5M+$3.0M+$4.5M)/5 = $4.8M AAV(adj). This allows for the player to take into account earnings in the waning years of a career. The player could make $9M in 2 years, then have to get a new contract...but would that contract be worth the $6M more the second contract guaranteed? Signing most 37yo guys for over $2M AAV is questionable. There are a few that would be worth it, but not that many, and the players know it. Therefore, I think they would value the extra paid years a bit more that a youngster would. Flip side, the young guys are not going to take a longer contract at lower AAV just because the total is higher (a loophole many of us took advantage of this year). ROR would take $7.5Mx3 over $7Mx4 all day every day. He knows that at the end of the 3 year term, he can get a contract worth more than the $5.5M difference. But a guy 10 years older may not feel the same depending on how well he ages.
Prolly need to cap it, otherwise a loophole of offering a 36yo player an 8 year contract at $1M AAV adjusts to being more valuable than a 3 year $3M AAV deal (8+0.8+1.6+2.4+3.2+4+4.8)/8 = $3.1M AAVadj. $8M should never be worth more than $9M. Capping the bonus years at 40% seems to fix this (8+0.8+1.6+2.4+3.2+3.2+3.2)/ = $2.8M AAVadj.
Or could make it simple and just blanket rule that any contract that takes a player to 40 goes by total value. But then there is the issue of a 32yo getting the 8 year contract worth $40M being worth more than the 3yr $10M AAV deal. Pretty easy for a guy worth $10M at 32 to make another $10M over the course of 5 years, even at 35 years old (see Iginla, Jarome).
Or maybe go to a system like we did for undrafted ELCs, where folks decide on the best deal. Subjective, but it seemed to work this year (I say as one of the ones that "won" an ELC showdown).
Or go to the new CBA that limits new contract length to 1 year.
Not like we have to deal with the consequences of the long ass deals some of us gave (MaJo wont be getting 8 years for real). Same rationale as not allowing future picks or considerations in trades.