Hope you enjoyed your beer.
It is the worst. Being guaranteed 10 seasons of control is so unrealistic. Owners who know this know they can keep a position player his entire prime. That makes FA somewhat pointless. For the most part, there will only be a couple of players who'll hold their value thru a second contract and their "value" gets overinflated, like the real world, because there are only a couple. You can get pitching during FA but hitting is difficult to acquire that way.
If the guy who was held back 2-3 seasons while being one of the best 10 on a team were to refuse to sign LT, we'd see less tanking and better FA. If the guy who was bounced from BL to AAA a time or two refused to sign for 5 years, no one would be in a hurry to promote/demote.