In BSL, teams that miss playoffs are assigned a win-rating for that season. Between sim 6 and playoffs, during re-signings, we have a 'lotto FA' period where those 13 teams bid on draft players as if it is free agency already for them, with win-rating playing a slightly larger impact than I think it does now (or maybe keep that the same, not sure).
I think this strikes a good balance between asking teams to compete and minimizing the rewards of completely bottoming out.
The team that barely misses playoffs was likely trying to compete, shouldn't have a ton of cap, but will have the best win-rating. They get to hopefully add a decent player at a decent contract. Or maybe they planned really well and were better than expected but are still one big piece away. They get their chance to bid on that piece and get over the hump instead of drafting some 18 yo pot boost lotto ticket at 13 ovr and repeating the same mediocrity next year.
The team that had worst record should have the most cap. Maybe they can do some damage to it; but maybe nobody wants to come there.
Gets tricky when you start to consider traded picks though. Say a championship winning team near HC owns the odds to "#1 ovr." What do they get? Idk.