I don't see Syracuse passing up Tyler Roberson in the 2nd round of the 2013 draft!
Seriously though, it is an interesting take. Duke loses all their recruits from this year but picks up Kaleb Joseph. A draft system like this would add complete and total chaos to college basketball as bottom feeders got access to top players who would then leave after one year, making them bottom feeders again. After a few years there would be no difference between Duke and BC (for instance) - they would both be on year to year roller coasters.