I would say if you really want to have a goal of parity AND increase revenue for the NBA at the same time:
The first 3 draft choices should go by a random selection w/ the bottom record teams having the overwhelmingly highest chance of obtaining those picks.
The no. 3 pick should be reward based. You could have a
March Madness style NBA bracket week that happens during the week after the season ends but before the playoffs in which the middle "just missed the 8th seed" teams compete where the last teams per Conference get the rights to the 4th pick AND a Wildcard playoff spot and face the 8th Seed. T
he 1st seeded teams per conference would get the first week by and be well rested in Round 2 of the playoffs.
That would be an interesting and crazy week before the playoffs.
Everybody wins. The top 2 teams get an extended rest to ensure highest performance in the 'Offs. The 8th Seed faces a fired up opponent to make things interesting. And the winner of the NBA April Madness gives a one week one and done bracket of hungry teams (which helps teams who struggled early but got back on track too late in the season to get that 8th spot) and you set up the winner of the bracket with a great draft pick to help put them right in the realm of becoming a powerhouse team.
Who loses in this? Definitely not the fans.