Although I still very much doubt it would create an equal comp, that is not the biggest issue.
How do you possibly create a fair point system that doesn't under-rate/over-rate players? For the players a point system over-rates, how do they then get a fair contract given they will be a points liability? Won't the players under-rated by a point system still only go to the more powerful/cashed up clubs?
These are just the more obvious questions but I could ask plenty more. I'm happy to listen to any actual points system plan out forth but I've never seen anyone put up any without countless flaws that the proposer can't suggest a work around.