Actually, it might be alright if you opened it to all franchises. Otherwise you're making owners use 96 seasons of one franchise. I can see how that would be attractive, but it'd stick some owners with some really poor options.
What about this thing I just thought up - you make available, say, 4 AL franchises (say Yanks, Washington/Minnesota, Boston and Athletics) and 4 NL franchises (Giants, Cards, Pirates, Cubs)?