Here is what I find on contracts.
Under Salary Cap/Contracts
* All Rookies acquired in the rookie draft must be assigned a contract prior to the third sunday in August each year. If no contract is offered by the deadline that player will be removed from the team's roster at at 50% cap hit.
* All Players acquired in the initial auction draft must be assigned a contract prior to July 1st. If no contract is offered by the deadline that player will be removed from the team's roster at at 50% cap hit.
So I think what you're thinking about is when you have to assign contracts to rookies, which is August.
In particular this one addresses your question, same section:
* All Players acquired in Free Agency after the Initial Auction must be given a contract within 24 hours after they are acquired.
So this is pretty much what we do every year now since the initial auction, off-season free agency/bidding and this is what will start March 15th. Perhaps language in the constitution in this section and others that relate to our initial auction could be removed for clarity or perhaps moved to a "legacy" section so that we don't lose the history of what our initial auction rules were.
Under the in-season Free Agent bidding section we have
During the In-Season Free Agent period teams that are awarded player(s) must submit the contract year for that player to the league message board within 24hrs. Failure to submit a contract for a player will result if a 50% cap hit of that player salary and the player will be released from that team's roster.
So in both cases (off-season free agency/bidding and in-season blind bidding) the constitution says that you have 24 hours to assign a player a contract or else they are dropped. My "tweak" was to simply automate this a bit so that the commish doesn't have to manually do something with every single free agent pickup. Basically all players when added to a team get a contract of 1. You have 24 hours to post if you want the contract to be longer.
Very minor tweak but the commish or the owner doesn't need to do anything if the owner wishes to keep the contract at 1. If they wish it to be longer then the owner needs to post (or put in the bid comments) the length of contract they want. Then the commish will need to manually adjust. And there would be no dropping of a player (again, manual process for the commish) since they would have a contract of 1 by default so again, less work for the commish and less worry on the part of the owner should they not be around after they win a bid.
All in all I see no downside and only upside in terms of ease and automation.