Some things concerning me with the omissions, so I'd like to fire up a separate discussion to go over just that.
Salary Cap/Free Agency: How do weak teams get better? With endless contracts, there's no chance of some star player getting full of himself and hitting free agency for some cellar dwellar to scoop him up. Thus, the FA pool will potentially be loaded with mediocre talent at best.
Draft Pick Trades: Obviously, without being able to trade draft picks, and contract years/salary being pretty much irrelevant... trades seem limited to like value for like value without the 'Future Picks' gamble to sweeten a potentially lopsided deal. That, coupled with the way FA is hamstrung, seems to really suck the strategy out of team management.