There are a lot of different ways to apply that concept. I'd prefer that ALL players drafted by a team get some kind of uniform discount. Say, 75% of their compensation counting against the cap. That would reward good drafting and reduce player movement, at least for a core group of players. OTOH, agents for star players are not going to care that rival star player X's high compensation was made possible by this rule -- they're going to demand commensurate compensation.
But I'd be in favor of trying something like that.