In general I'm supportive of the changes, which is why I voted yes.

Specifically, my edits would be:

-Retain the hometown discount for players that have entered regression. I think this would be a fair compromise between those that would like it eliminated entirely and those who want it to stay the same. Taking a discount near the end of your player's career due to loyalty to a franchise such that the franchise can afford to pay younger players while still keeping vets around that they like seems very much in the spirit of such a mechanism.
-I would personally rather see the adjustment (if these changes are adopted) be implemented for this offseason. Why so quickly? While the initial jolt is a factor, negotiating extensions in this offseason is going to be a bit weird, given the adjustment that will have to be estimated. I think the timing lag again creates a weird incentive for players that are on the cusp of a higher tier to hold off on earning TPE. Rip the bandaid off now, rather than gradually. If things were implemented this offseason, the cap adjustment would need to apply now as well.