Good summary indeed. I have to agree on most of what the author says. But if the NBA is all about competitive balance, they made a mistake of not enforcing a hard sallary cap. Why? A soft cap is bad for the competitive balance, because it's in favour of big(ger) market teams.
If you look at the 2012/13 payrolls, among the top 10 spenders are 2 teams from NY, two from LA plus the Heat, the Bulls and the Magic. Looking at the 2013/14 payrolls it's becomes even more clearer, as the top 6 consists of 2 teams from NY, two from LA plus the Heat and the Bulls. On a sidenote: Two of those teams didn't even made the playoffs.
Bottom line: I think that if the league wants to keep the current drafting system and if the league really wants to achieve competitive balance among as many teams as possible, they have to implement a hard cap.