I remember during the last big update (so like 2009 or 2010) someone (probably seble, back when he still gave a damn about us) posted a file with a tentative list of player salaries. It was... well, if I remember correctly, there were only 3 player seasons above 10 million: 61-62 and 62-63 Chamberlain, and 88-89 Jordan. Imagine how easy it would be to build with that structure.
I don't think this is the main problem with why so few people play, but it merits consideration: Many of the current owners happen to be very good at building teams. I'm only talking about OLs, for obvious reasons. So... a new owner comes in and builds an OL team with his faves. He happens to play in a league with guys like gmgreen, ethorne, benhoidal, etc., and wins around 10 games. This is discouraging to him, and decides that spending time learning how to play this game is stupid, and that it isn't worth his time/money, and quits. There's nothing we can really do about this. There's nothing admin can really do about this. It's just how it is.