A few things IPL can do to make things interesting for franchises, players, and fans

#2 In-season and off-season trades

Harbhajan and Rayudu celebrating the wicket of their former team MI in IPL 2018 opener

I think teams should be allowed to trade players in the season with a deadline of two weeks before the playoffs start. This could be an extension to the mid-season transfer window IPL that is likely to be introduced this season. The teams should be able to trade players for players or players for draft picks in future drafts. This will help teams get the players they want or the draft picks they need to build more solid teams in the future.

Teams should also be allowed to trade players during the offseason which starts a month before the draft date. This way teams can get leeway for some extra picks for the upcoming drafts. If IPL does move towards the draft system then the above is a lock.