Yes - it was an interesting article.
I think what has to happen is there be some kind of ability to non-guarantee non-performers. This league can't have Kenny Thomases, Eddy Curry's, etc, with the awful contracts in non-performing positions. It kills trying to keep teams competitive one year to the next. That's what's great about the NFL - you can cut the crappy ones and you have hope going into each season.
To be fair to the players, I would not only propose saying "we'll pay out a max of 54% of total revenues", but I would also say - "each year we have to pay out a MINIMUM of 50% of total revenues". In the Kings circumstance, maybe you could dole out the difference to the Kings players, or put it into a league wide pool to be given to all the players based on number of games active or something.
Something has to change. The Kings were effectively hampered by Chris Webber's knee from 2003 until Kenny Thomas came off the books at the end of the 2009 season. Guaranteed contracts kill competitiveness.