The league hasn’t cared about viability in a long time. It’s been treating players and talent with ruthless calculus while eating losses hand over fist with owners/teams.
The point is, with a hard (and harsh) salary cap there cannot be super teams. The Rangers wouldn’t be able to stock on talent even if they wanted to — so why restrict young players’ wages with an artificial cap (ELC) and a prolonged and oppressive rights restriction? All it does is enable bad teams to waste players, it gives no impetus to a badly run team to actually do better, to treat their players better, to treat the league better, etc.
You have 3 years from the day they start their ELC. If that’s not enough to convince the player to re-up, give some one else a chance.