it's a tough balancing act. teams need to rid themselves of personalities from time to time. a disgruntled player can be a real problem, especially with guys adjusting to lesser roles as their talents decline. the team may have entered a contract in good faith, but if the player is taking advantage of the situation they need to be able to say goodbye.
and it's also tough to say that a waived player doesn't deserve a chance somewhere else. if the other team needs to absorb their whole deal they may balk and cause the player to miss out on half a season and a playoff chance, which matters a lot for players in their declining years. being waived may not be their fault, so i would think they deserve a chance to prove themselves for another contract.
i don't like the fact that the rich get richer, but i don't know how else fairness can be achieved.