Not trying to step on your toes, go_pre, but I think I can answer this question:
You will be drafting lots of scrubs and only a limited number of players at the minimum salaries. You will also be drafting a total of 18 Above average AAA players that will be renamed (you can do the renaming manually after the league begins) to characters in the movie you have chosen. Therefor an example roster may look like:
18 scrubs @ 200K = 3.6 mil (to be replaced with renamed AA AAA)
4 SP @ 10 MIL = 40 mil
3 hitters @ 12 MIL = 36 mil
That total 25 players at 79.6 mil.
16 scrubs @ 200K = 3.2 MIL (to be replaced with renamed AA AAA)
2 SP @ 13 MIL = 26 mil
2 RP @ 3 MIL = 6 mil
5 hitters @ 9 MIL = 45 mil
That totals 25 players at 80.2 mil. Tweak a little and you are under the cap.
Each manager has the opportunity to devise their own strategy when filling their roster.
The fun of this league comes when the boxscore describes a game in which Will Bill Kelso beaned Elwood Blues, or Carl Spackler took out Doug Neidermeyer in a collision at the plate, or Bobby Boucher hit the game winning homerun off Sgt. Hulka.
If these names don't seem familiar, perhaps you should spend less time outside.
The recent "Mel Brooks Tribute League" ( I believe that was also run by go_pre) was set up similarly and was quite enjoyable and competitive.
There are numerous strategies that can be employed when drafting which leads to a wide variety of players and rosters, not to mention the uniqueness of each managers renamed players.
The Delta's are planning their strategy as you debate entering. You may want to select your funnyman and movie quickly and start planning your approach.
D-Day just lit the blowtorch!