I've been doing some reading on link wheels and it seems there are some posts on other forums saying that link wheels no longer work, and could raise flags with Google as spam.
The key phrase in that is, "
there are some posts on other forums saying...".
While there are
some decent practices on Warrior Forum or Digital Point, it's often regurgitated hype that a
GURU said in order to sell one of their products.
In short - don't believe everything you read. Hell, don't believe what I'm telling you right now. As many will say - don't read, test. You don't know until you do.
The search engines change their algorithms up all the time. What works today may not work tomorrow.
Often not.
Do I have anything yo worry about?
You always have stuff to worry about when you are
manipulating a website's authority on the web.
I was planning on using this "structure"
I'm fairly certain you didn't draw that process diagram/flow chart, so I'll assume you pulled it off a GURU's site that pulled it from someone here and put it there.
There are many ways to do link wheels. What you should really focus on is the concept behind it's workings - not the structure itself. Otherwise, you won't know if it's working for you or not.
Linkwheels serve one purpose, to launder shady links and pass their authority on to your money site. Nothing more, nothing less.
What you have there is someone going one step out from the traditional linkwheel and giving the majority of authority to an article. While this isn't a
bad model, you do water down the authority that passes to your money site.
Why you ask? Well, article directories have anywhere between 30-100+ links on a page. You are building up all your authority to their site, boosting their directory's authority and the 100+ links on the page, and your money site is getting a fraction of the authority it could.
You might consider substituting that article for a splog you own so you control which links on that page are receiving the authority from the laundering of the links.