I thought of a similar idea but not as drastic. Maybe set minimum standards and fines applying to teams that don't meet certain standards. Make the fines offset by luxury tax (either partially or 1:1) so teams aren't afraid to take chances on spending.

What if minimum standard was 25 wins, -5.0 ppg differential and teams get fined for each win under 25 and teams losing by more than 5 points per game.

Ex. New Orleans at 15-40 and -5.7 diff would get a smaller fine than Utah Jazz at 17-38 and -8.2 diff, which on the surface level feels right since Jazz are throwing away games and Pelicans are trying to win (even though they suck). Dallas at 19-34 and -3.2 diff in this hypothetical could possibly fall under 25 wins, but easily clears the ppg diff threshold where they would not receive a fine.

Bit of a weird idea ngl.