For example, theme league w $90 mil cap, and draft your own AAA (6 players, 4 pitchers). 

Do the AAA players count against your $90 mil cap?   If so do they count as $200k or their actual salary? The draft sceen seems to imply that they don't count AT ALL.

If they don't count at all then it seems to me that it would be a waste to draft any player worth 2.5 mil or less on your actual roster, when you could get the same player for FREE on your AAA roster.  Is this the way it works or am I missing something?

Thanks in advance for you help.

AAA does not count against your cap; it is extra.

As for getting the same player 'for free' in AAA, remember that AAA players are normalized against 2011 players.  That is, if you draft a player from 1925, his performance will be based as if he had produced those numbers in 2011, not 1925, so unless you draft a player from 2011 you're not getting exactly the same player.

When u draft u-pic AAA players, they appear as 200k players, and you actually get who you drafted. In the league you are playing, they will appear as 200k, and I believe that these u-pic players are normalized the same as the players you draft in the normal way.AAA players that are randomly generated are normalized against the current season, but not u-pics

For the purposes of the league you are drafting the AAAs in...the UPicEms count only as $200K players and are "extra" to your league cap. They will be drafted after you draft your 25 man roster. However, if you finish as one of the 2 TOC teams in that league moving on...then, their real salaries are used to place you in the proper TOC league. (Capwise)

True, you are correct in your assumption...you should use the AAA to replace a REAL $200K player that you had drafted onto your 25. So, the cap isn't $90 mil any more...it is $90 mil plus the value of your AAAs less the replaced players.

When you draft your AAAs yourself (manual)..the draft page you see will be dependent on what type of AAA playes the creator allows....Avg, Way Above Avg, etc.

The manually drafted AAAs are their own real names and real years...they will be normalized as they would be in any draft.