I like the wheel, but see one possible backfire in that it could lead to elite prospects strategically declaring in order to land in bigger markets, etc. For instance, if it was known that this year number one is Charlotte’s selection, while next year will be the Lakers then Miami, I could see a scenario where multiple top end prospects return to school.
One possible circumvention: do the wheel format, but structured with groups of five teams. There is an internal lottery within each group, not tied to season record. So, one year you get a lottery for 1-5, the next maybe 20-25, and so on.