I work in the ABA, and the rule is unique to the league. It meets a couple of needs for the ABA. For league purposes and goals it is a benefit for a player to exceed the personal foul count, however, it penalizes continued fouling tactics if the player remains in the game.
Personally, I like it at this level(ABA), however I would not like to see it implemented at the HS or NCAA level. Maybe a good idea at the CC or D-3 level for leagues/teams that cannot keep players eligible, healthy, field enough players, etc.
One shot and the ball would be my recommendation IF the rule ever came into use.
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