It seems to me a 50 game suspension is more like a vacation for some of these players. Sure, they lose 1/3 of their salary but if you still stand to make 18 million what's the real loss? It isn't necessarily the HOF because without the drugs perhaps the numbers don't put them into that conversation. What if MLB took away what every player craves... Free Agency.
First offense: No suspension. Void of your current contract and placed under club control, non arbitration eligible, for two years (or two additional years if not of sufficient service time).
Second offense: 1 calendar year suspension, void of current contract, and placed under club control, non arbitration eligible, for three additional years.
Third offense: Banned for life.
I don't know that this would work but I would feel better about a system like this than the one currently in place.