Actually Rhufus, I tend to agree with you (see my comments on the Rebuilding Myth post), although it's a bit early to tell. My suspicion is that the AFL thought there would be a more even distribution based on the fact that players would take the highest salary, but it seems like players are electing to go to big Victorian clubs that are already in premiership contention.
I think it can be addressed by a few tweaks. For example, if you recruit a free agent you lose your first round pick, or something like that.
I think that fundamentally the issue is league inequality generally. I have no idea who would want to play for the Gold Coast, yet the AFL sends kids from all over the country there. Same with St Kilda. Why would you want to play for the Saints when you can play for Collingwood?
I think almost all teams will eventually get a swing of free agents if they are in flag contention, but it's hard to see how Gold Coast will get there, for example.
All clubs will have a chance at a flag, but the margin for error is narrower for some. Perhaps that the best the AFL can do in terms of equalisation.