The problem with free agency is the overrating of draft picks.
Collingwood, reigning premiers, have just picked up a best 22 player from Freo, who kinda suck. And all it cost them was pick 34 and a future 2nd rounder. Astoundingly Freo supporters are happy. The draft is a fucking lottery, building through the draft is incredibly hard to do. So the teams at the top stay there by getting players from shit teams.
Yes, eventually you have to pay the piper. But only if you keep club favourites past the point you should.