Baseball, and to a lesser degree basketball, seems to be where all the dumb contracts exists.
With that said, I'm not a fan of fully guaranteed contracts but I'm not a fan of the half-assed contracts the NFL currently gives out. It has long been my opinion that all sports contracts should be guaranteed for the veteran's minimum or half of the contract, whichever is higher. This gives protection to the players from owners cancelling the contract, such as what happens in the NFL.
It also protects the owner from their own stupidity for sports where contracts are fully guaranteed. Not that I really care about that, since I'm more concerned with fairness to the players. But for fans of teams with dumb management, hopefully it allows them to turn the page faster and rebuild their team.
Just as a note, there is no way in hell I believe that baseball will move to only guaranteeing half the contracts unless the baseball players union goes full retard. I do hope the NFL players union fights for better guarantees on their contracts cause the NFL can sign you to a $50 million contract and fire you at any time. The only thing you get is your signing bonus. And yeah...first world problems.
EDIT: Fix typo, minor edits for clarity.