Not necessarily.Yeah, but then they'd end up like Fremantle being shit for the first 15 years of their existence!
My suggestion would have been to give them the draft picks they have, along with 3-4 picks in each of the later rounds (where they currently have only 1 selection). However, they would be limited to taking a maximum of 10 players in the ND. This would force them to use the draft picks on players, whilst still leaving them with sufficient picks to grab some decent junior talent.
This would see them with 9x 1st round, 4x 2nd round, 4x 3rd round selections, but only 10 selections that they are actually able to use in the draft. The rest of these would have to be traded away in exchange for players, at fair value.
Fremantle were a dumping ground for unwanted players (as were Adelaide to a certain extent - Danny Hughes, Bruce Lindner). Clubs dumped unwanted players on the club, then got a priority selection ahead of the draft in return. This sort of thing saw Essendon dump Delaney on Freo, gaining Lloyd in return. What I'm proposing would see the clubs fairly compensated, without depriving GC of the opportunity to build a solid list. They would still have the additional salary cap room, giving them the ability to offer players financial incentives as they have done under the current system.