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My favorite teams
I agree with you on the fact that it would entice players looking for a max contract into a potentially unconventional market. However, there already isn't enough starpower in the league to fill out the current teams. Every year you can pin down maybe 6 teams that even have a remote shot at winning it all. Add two more, spread out the talent and it hurts parity even more.
Maybe on a year to year basis. But a star player may be in the MVP race one year, and drop off the next. In fact, if you look at the year to year, those names change a lot. So I would say over time, you have less teams with multiple MVP candidates, with less all-NBA teamers filling a single team. Less concentration of talent in one division and less suck in one division. So it goes from 4 teams that are in contention to that 6-team mark you suggest would happen. Either way, it's an improvement. I think more teams would improve, just because I don't think every team is going to pay a max contract just to have a single star caliber player. The valuations will adjust when those max caps are tweaked or even completely removed.
Here, just as an over-simplified method of seeing where the concentration of star-power lies.
https://www.basketball-reference.com/awards/awards_2016.html
Then go back every year and see how half the list fluctuates and the other half is relatively similar. And of the players that are returning, that doesn't mean they necessarily win more titles. Of course, bird rights will make certain things more interesting with the fixes I propose.