Here are my predictions about what effect this will have (with the obvious caveat that we don't know exactly how the changes will work yet):
1. IFA budgets will decrease. We'll see a lot fewer people spending $20 million on payroll and $40 million on prospects, since IFAs will be riskier and money will be tighter.
2. Free agency will be more competitive, but the number of huge contracts won't necessarily increase. First because without player history, it will be risky to sign a possibly declining player. Second, because some people will be incentivized to spend more on adv and less on payroll.
3. A slight decrease in tanking. There's less incentive to tank for the #1 pick if the guy might be a bust.
Honestly, I think all three would be good for the game.