I get the feeling that the interests of wealthy team owners are against a promotion/relegation system, no billionaire owner would want to lose money languishing outside of the top division, but I think it would boost fan interest internationally and add revenue in the bigger picture etc. You could still even have playoffs at the end of the season too.
Also, if teams at the bottom of the second division rebuilt successfully you'd still get big attendances for rebuilding teams (think Portland or OKC).
I've tried to implement a promotion/relegation system in the fantasy league I'm starting (link), here's how my league operates:
36 Teams, 2 Divisions, 50 Games each season.
The top 8 teams in the Elite Division enter the playoffs and contend for the Championship. 1st place plays 8th place, 2nd place plays 7th place and so on, as described in the Elite Division Playoff Format thread.
Teams finishing from 12th to 15th position in the Elite Division will enter a four-team playoff bracket. 12th Place will play 15th Place and 13th Place will play 14th Place. The two losers will play each other. Whoever loses will be relegated.
Teams finishing from 16th to 18th position in the Elite Division will automatically be relegated.
Teams finishing from 1st to 3rd position in Division 2 will automatically be promoted.
Teams finishing from 4th to 7th position in Division 2 will enter a four-team playoff bracket. 4th Place will play 7th Place and 5th Place will play 6th Place. The two winners will play each other. Whoever wins will be promoted.
Teams finishing at the bottom of Division 2 will have the highest picks in the rookie draft.
Elite Division
1st Place - Playoffs - 36th Pick in Rookie Draft
2nd Place - Playoffs
3rd Place - Playoffs
4th Place - Playoffs
5th Place - Playoffs
6th Place - Playoffs
7th Place - Playoffs
8th Place - Playoffs
9th Place
10th Place
11th Place
12th Place - Relegation Playoffs (losing team is relegated) - 19th Pick in Rookie Draft
13th Place - Relegation Playoffs
14th Place - Relegation Playoffs
15th Place - Relegation Playoffs
16th Place - Relegated - 20th Pick in Rookie Draft
17th Place - Relegated - 21st Pick in Rookie Draft
18th Place - Relegated - 22nd Pick in Rookie Draft
Division 2
1st Place - Promoted - 15th Pick in Rookie Draft
2nd Place - Promoted - 16th Pick in Rookie Draft
3rd Place - Promoted - 17th Pick in Rookie Draft
4th Place - Promotion Playoffs (winning team is promoted) - 18th Pick in Rookie Draft
5th Place - Promotion Playoffs
6th Place - Promotion Playoffs
7th Place - Promotion Playoffs
8th Place - 11th Pick in Rookie Draft.
9th Place
10th Place
11th Place
12th Place
13th Place
14th Place
15th Place - etc.
16th Place - 3rd Pick in Rookie Draft.
17th Place - 2nd Pick in Rookie Draft.
18th Place - 1st Pick in Rookie Draft.
Just interested in hearing some opinions.