Yes, in part anyways. Some of it also was the teams being sick of handing out giant rookie contracts, but that change had to be sold to the PA and it was done so under the theory that the cash would filter to veterans instead.
Perfect example is look at what has happened to RB's. C.J. lost $13.5 mil and now is barely making more than a punter. As it stands, compare the top-8 free agent RBs compared to the top 8 free agent kickers, and the kickers are making more than the RBs. Again, there is much more to the issue than just salary issues, but it is in part because serviceable RB's are readily available cheap via the draft.