I agree about teh problem, but not sure there is any solution but to stop the FA nonsense.
I disagree that there's no solution.
Just link team revenues with the salary of the players that team is allowed to bid on. For example, if your team revenue is under $300,000 a week then you can't bid on a $200,000 salary player. If you're under $200,000 a week then you can't bid on a $100,000 player. Or something along those lines. If a brand new team is going to buy high salaried players before he builds his arena up to create revenue, he's immediately limited to the type of player he can buy and therefore he won't kill his economy by adding a high salaried monster.
These are just rough ideas but they wouldn't be difficult to implement.