Like I said before, VC for contracts would be TERRIBLE. We want to play with a realistic simulation of the current NBA CBA...
But ONE case where I think VC could be interesting-- if you were forced to convert VC to "2K NBA dollars" when paying the Luxury Tax for going over the salary cap.
You don't really feel the hurt when you're paying fake dollars you've made from fake tickets and fake concessions. But real owners generally dislike paying luxury tax unless they're big markets and potential contenders. Having to spend VC for the upkeep of expensive rosters would have a real world parallel and set the right kind of tone-- if you pay the tax with bought VC, it's literally money out of your pocket. It could even be fun managing when you'll pay VC for a title run and when you wont.
It'll establish a premium vs non-premium metagame, based exactly on real world scenarios and cap dynamics.
It makes a lot more sense than blowing half your rookie contract on an arm sleeve.

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