Off the cuff, what my "wave a magic wand" plan would be. Keep the draft, but reduce it down to like 15 rounds and make it a early entry system only for HS or JC prospects. Those who don't get drafted can elect FA right away or delay it for 3 years (or 21st Bday whichever is sooner) . Current process as far as 40 man/rule 5 eligibility for HS draftees or HS FAs is cut by 1 year. For college FAs, they must be added to the 40 man the off season after they sign or be eligible for the Rule 5. 40 man rule with the 3 option years remains. International FA would have same control rules as HS FA and the international pool money would go away. Eliminate the pre-arb cost controlled years except for the rookie year, but tack on one extra arb year which is a restricted right FA year. In that final arb year, a player and team go to arb and the player can elect FA if they lose arbitration, but will have anywhere from a 1st - 3rd round draft penalty from the signing team depending on the total amount of the team's offer. Obviously arb hearings need to move way up in the off-season. All other FA compensation is eliminated.