I see a big flaw in the idea:
* 8th seeded teams get the opportunity to tank the entire season, buying players just before playoffs/relegation to stay in the league but still select FIRST in the draft.
There should be a great upside playing in the playoffs, rather then missing it, so every team WANTS to make the playoff, making the game more competitive. Making the 5th team now play for relegation was a step towards that.
Just sayin´
On the other hand, I´ve made the finals a few years in a row now... I feel the offseason is too short ! ;-)