Quote
ferragamo79
If players can demand a new contract if they are underpaid for their performance, owners should be able to do the same for first round busts or free agents who
sign megadeals and underperform.

The owners rewriting contracts when players under perform is not really necessary to keep a semblance of fairness between players and owners because the CBA is already strongly tilted in the owners favor.

Because of the CBA the players are forced into signing personal services contract where they are locked in for several years - up to 5 years for 1st round draft picks.

This works to the owners benefit because players are unable to take advantage of normal market forces until their contract term is up. The players would benefit more if their employment contract looked like 98% of other American employment contracts where the employee is free to come and go as they please and work for some other employer if they choose to.