How many people do you know of that want 20% depreciation? That's the only way it could stay remotely fair and it would make having a player that old be completely terrible.
I think high depreciation and a removal of carry-over would be the only way this could work. You want a long career, fine, but you'll suffer your last two seasons and end up with nothing for your next player. No thanks if you ask me.
I still don't like that BTW, I still think it would hurt the records more than it's worth, but that's the only way it could work.