Did the rookie wage scale work?

Harvard College Sports Analysis Collective takes a look back at the implementation of a rookie pay scale:

There are some significant differences between these two CAVOA/dollar models. Earlier draft picks are much more efficient under the 2011 CBA than in previous years. Efficiency starts higher and peaks later in the draft. However, the new CBA makes late round draft picks much less efficient. This change is great for teams, as they are better able to invest significant money in top draft picks without sacrificing as much efficiency as they had to before. While teams should love this change, future early round draft picks lost a lot of money because of the rookie wage scale. All in all, the league accomplished its goal of making rookie contracts more efficient.