The case for radical reform
This blog essay from Speri at the University of Sheffield sees 3rd party ownership of players as highlighing the issues that arise from the intertwining of football and capitalism. It says that the transfer system does not redistribute resources between clubs, although that is not really its purpose.
It suggests that a draft system as used in American sports be seriously considered as an alternative. I am sceptical about its merits, but in any case why would the key actors in the game (clubs, players, agents) be incentivised to sign up to radical reform?