There has been a lot of sensible discussion in this thread but just beacuse a draft system is used in NZ, doesn't mean to say it's ideal for Oz. It's not apples for apples.
Over there the 5 S14 franchises can protect 24 players who play for the unions in their bailiwick. The others have to be released in a national draft. Of course, somebody who the Crusaders want will be instructed to offer his services to Tasman in the Crusaders area - or at least, it used to be. Thus the Crusaders can protect an outsider.
That's a generalisation, and I'm sure that there's some details I've missed, but you couldn't have a draft system like that because NSW provides 60-65% of the Oz S14 players and could protect all the best ones - not that they've ever shown any expertise in that area.
I guess the only thing you could do would be to enable the 4 Super teams to be able to protect only, say, 24 of their present players in any year, including Academy players, and wait to see what happens.
You could imagine that the Force would like this arrangement, since it would enable them to cherry pick from the rugby states. This would delight NSW - not. They would wonder why they should have an Academy.
The other consideration is the vast size of our country. It is all very well for Norm Maxwell to go from Northland to Canterbury, or the Blues to the Crusaders, but to have to "force" somebody to go from Sydney to Perth, is a different matter. NZ is a tiny country geographically and even the RSA is only about the same size as the Northern Territory, roughly.
I prefer the present system which means that Beau Robinson can decide to move to the Reds, or Matt To'omua to go to the Force, because they have an opportunity to get on the park in the other franchise.
The problem is that their contracts may not have expired when they want to make the move. But I remember that when Brett Sheehan was in the NSW Academy, he was allowed to go to the Reds when they needed a scrummie, provided that NSW could have him back if they needed him.
The same should apply to contracted S14 players. Thus Josh Valentine, as 3rd string Tahs scrummie, should have been allowed to play for another Oz francise in 2008 if they needed him, and be required to return if the Tahs had injuries.
It's maybe pie in the sky - but something out of the box has to be thought about to get a bit of equity and to avoid the abomination of good players in a team that has depth in his position, not even getting in a matchday 22.