The salary cap was never about competitive balance, it was about tying player salaries to a percentage of revenue in order to explode franchise values. Mission accomplished. If it was about competitive balance why isn't there a cap on how much teams can spend on coaches, management, training staff, analytics, practice facilities, etc.
Players and their talent are the only reason anyone watches professional sports. On a moral level, they deserve to have a say in where they live for 9 months per year and the organization they work for just like every other worker. Nobody should be forced to play for the Coyotes or live in Winnipeg if they don't want to. If that results in certain franchises no longer being viable, oh well.
I think what is lost in this discussion, where one’s market philosophy is so strongly informing perspective, is that being a hockey player is a highly specialized discipline with an incredibly limited number of “seats” to fill. Supply, here, wildly outpaces demand.
It is not uncommon in other highly specialized industries that employment is contingent on relocating. Forgiving for my layman’s understanding, but perhaps rocket engineering or research may prove an illustrative example. If that is your chosen vocation, you really only have NASA, SpaceX, Blue Origin, and a handful of smaller startups and defense contractors. And that list is greatly expanded with the fairly recent additions of SpaceX and Blue Origin. In any case, any of the companies or NASA is gonna be like “welcome aboard, you’ll be reporting to Houston in two weeks, pack your bags”.
The point being, everyone knows this going into it. If this isn’t something you can live with, then the NHL isn’t the league one should pursue. A player isn’t required to register for the draft and is free to sign in any of the European leagues. They, of course, wouldn’t be eligible to play in the NHL - but that is an option they would be comfortable with making this choice. That no one that conceivably has an NHL shot is doing that is probably a good indicator that most are willing to live with the terms as they are.
Lastly, it’s not like this isn’t something that could be addressed by the CBA. That this is the format that has been arrived at over the course of decades of labor and management negotiations, including several rounds of stoppages, further confirms that the collective will is not there to tip things that far to favor individual liberties over the good of the collective. The draft, limited team control, salary cap, and free agency; overall, have balanced both labor and management’s interest pretty well.
IMO, the important part is that the actual people (labor as represented by the PA) have had, and continue to have, a say in this arrangement. This isn’t solely dictated by management and ownership. If one was so inclined, they could make the pitch for a draftless day-one unrestricted free agency arrangement to the PA, and an elected group of their peers could choose to push for it during the next CBA negotiations should they find that arrangement is beneficial to the collective.