As a fan, I suspect that this will lead to more transiency. The players at the top will have their big paydays, while the players at the bottom will simply move around as they look for more money. And the players in the middle will always be in search of a bigger payday, or in danger of becoming a low-end player.
I think for a lot of players, the rivalry aspect will go away. It will be more common to see a player bolt from the Dolphins to the Patriots or Jets without a thought of them being a rival.
And if you're a fan who likes jerseys you'll be shelling out that $100 more frequently as players leave the team. More player movement means that we won't see as many players play their careers for a team.