With the salary cap and allowable money spent being equal across the boards for all 32 teams it seems to me that the "no draft NFL" would be more about the historically successful franchises than their market size.
In other words the top rookies would only want to negotiate with the perennial winners first followed by the more desirable places to live. Obviously those top teams couldn't sign everyone but it would likely mean year after year only the players those winning and geographically desirable teams didn't want would filter down to teams like the Bills.
Essentially it would probably be the same as if teams like NE, Pittsburgh, Indy, Dallas, and Miami always had the tops picks and teams like the Bills, Browns, Lions and Bengals were always picking last.