Disincentivizing a full-on tanking has breathed new life into it. Watching the same teams, year in and year out in the lottery was definitely hampering the league's parity and hampering the development of players trapped on teams that were badly run.
I can't see how it would become less relevant as a means for players to get to the NBA at the moment, but I can imagine as other leagues, like the G-League and the ABL and so on continue to grow and the NCAA gets less attractive, it might shrink the draft down to one round or maybe even down to just the lottery picks.
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