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The reason is because the long-term deals include an inherent risk, such that players get injured, stall in development, sputter out, or for whatever reason don't maximize on their potential.
The reason that only the elite superstars are getting these contracts is because they offer (at least to the GM signing them) a "reduced" risk because of their skill.
The Players also use it as a bargaining tool and use it to secure higher paying salaries.
Bottom-end players don't have the luxury of that kind of leverage, because there are just so many of them out there.
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