You're just gonna get a situation like in baseball where LA and NY can pay more than everyone else, except each player affects the probability the team will win WAY WAY more than in baseball. This works fine in baseball because even an entire lineup of highly paid players doesn't guarantee a championship. Imagine if you had that in the NBA. If you have 5 max+ contracts on your team, it's basically over for every single other team who can't afford the same.
Also, look at the Lakers, they can't get anyone right now even though they can offer multiple max contracts. Nobody wants to play there because it's not just always about the money. Every single person on this planet, especially Kevin Durant, knew that a championship was guaranteed if he went to Golden State. Who cares about taking a contract that's above max, if you have that guarantee.