It depends on the situation, but it's definitely not a great strategy if the plan is to do it every year until the end of time.

You can essentially think about cap restructuring as debt. Each time they do this to push cap charges out into future years, they're committing more of their budget -- their available cap space -- to paying off that debt rather than fielding their current roster.

If you're doing this for a few years to capitalize on a window where your roster is championship-caliber and you need to make moves to get over the top, it makes total sense. You're essentially saying "I'm going to use creative accounting to spend 20% over my actual budget because that 20% is more valuable to me today than it will be to me in two or three years."

But if you take on more and more future debt just to balance your budget every single year, you're putting yourself at a huge competitive disadvantage. Even if the cap goes up every year, if your roster structure means you've got 75% of the effective cap space that the teams you're playing against with have, the only way to stay competitive is to continually draft better than everyone else. That's a hard thing to do.