1) We don't have a "can't cut list" in our league.
http://basketball.fantasysports.yahoo.com/nba/8244/settingsCan't Cut List Provider: None
Can't cut lists aren't really for keeper leagues, nor are they really good for leagues where people return every year (which the majority of our members do). They're for people who go "ah, I'm losing anyway, I'm going to drop my whole team kthxbye". We've never had that problem here, so it makes no sense to restrict ourselves in case we get into a championship game and have a player whom we have no intention of keeping who's injured wasting a roster spot because of an arbitrary list yahoo puts out.
2) Being in waiver is a part of the league. When you look back at why the 2 year limit was instituted, it was put in place so people who got top of the line keepers (the KG's, at least before this year, LeBron's, Dirk's, etc) didn't dominate years on end. It wasn't so much to increase the funness of the draft. Being only a select handful of teams with the opportunity to grab him doesn't change in the draft. If for some unforeseen reason Chris Paul would enter the draft next year, the person unlucky enough to get the 12th pick (or, even, the 2nd pick) isn't going to have a fair chance to get him.
It's very possible that the decision made in this instance is different than the rule change going forward. Getting this right going forward and established IMO is the most important so we can deal with it if/when it happens in the future and everyone is on the same page.