Some very good ideas are coming out here. Patchick, VPF, and TBG have offered some intriguing ideas.
Clearly you want to change the rule so that it is less painful to sign a franchised player. You also want to make sure that only the best players are being franchised. Like VPF mentioned many teams (including the Pats) have misused the franchise tag in order to impede potential FAs. On the other hand as TBG notes, you don't want to make it TOO easy, because the object of the Franchise Tag is ultimately to allow teams to keep their key players, at the same time not penalizing the player financially for staying.
So based on what I've heard here is my new proposal:
1. A team may franchise one player who has become a FA that season.
2. The original team will have the right of first refusal. No poison pills
3. A player who is franchised will receive a tender which guarantees him the average to the top 5 salaries of his position for that year, AND a second guaranteed year at the top 5 salaries next year, plus 15%. Thus when a player signs his tender he is GUARATEED 2 huge years. It should satisfy his "security needs" AND being just a 2 year contract, gives him a chance for another big pay day before he is too old.
4. A player can only be Franchised ONE time without his written permission.
5. If a team signs a franchised player they lose their first round pick in the next draft.
6. If a team loses a first round player they receive the sandwich 1st round picks after the 16th and 32nd picks in the first round. They have the option to use one of the picks the next year.
This way a team will think twice about Franchising a player because they have to guarantee 2 years, with both years having big cap hits.
The player is more likely to stay with his original team, or work out a longer term deal based on the 2 years GUARANTEED he knows he will get
Teams might be a bit more likely to go after a franchised player since all they will lose is one first round pick.
Does this sound more workable than the original proposal