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I love it. The NFL teams don't have a developmental/minor league system to lean on, so they should maximize the opportunities within their practice squad setup.
Also, looking down the road, it's a much lower cost than, say, purchasing the XFL to serve that function.
I think the age limit thing is silly. If a team has a spot open, and there's a veteran free agent who is eager for the opportunity, why let his years in the league get in the way of a deal being made? May the best man win the job.
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