You can rebuild a team through FA and not need to depend on the draft. I honestly dont get trading away a young player with 85+ skills for draft picks in order to rebuild. First of all your most likely creating a dead cap space from eating the rest of the bonus $ and second off your taking a gamble that the player you drafted wasnt a bust. Seen way to many owners come in and do this and honestly if there is success to this go ahead and post it up here.
FA can be managed well if you dont blow your cap on one player, there is actually very good talent in the 70's range that you can sometimes get on the cheap because the high bidders are going after the studs.
The biggest issue is joining a new league after the first season because there will be no FA's until after the 2nd and 3rd seasons as the draft usually signs the talented players to automatic 3+ year contracts so in those leagues you just need to have patience and not panic and trade talent away because IMO you will then always be chasing and be in cap ****.
Just my .02 on this.