A) It's not a terrible contract. 33 year old pitcher who would have a 1.2 WHIP and 3.5 ERA in most worlds with an average D in an average park. He would also go in excess of 5/75 in pretty much every world.
B) You have the ability to view a team BEFORE taking it. If you want to ask WifS to reduce a contract, do it then. Hell, maybe the commish should have to ask. "Hey, I'm interested in Team A. But that 4y/80m contract is detrimental. Ask WifS to reduce it and, if they do, I'll take the team." Commish decides, maybe asks the world for their opinion and goes from there.