Was thinking of starting a theme whereby each owner selects 1 stud pitcher & 1 stud hitter. Rest of roster would be 200k players. You'd also get 60/20 AAA below average. Salary Cap of $40M.

Want to see how dominate the stud players are and what kind of numbers they put up against the easy competition.

Would the AAA players make the league still play like a $40M league and if not, how much higher would it be?

run it and find out, though it may take a loong time to fill if it ever fills. I suspect it's better than $40m, you'd get enough low stamina hitters to shuffle through the lineup. I once took an all below average AAA team to the finals of a $40m TOC.
You'll need to restrict the stud's IP or everyone takes Silver King.

It would be a lot different if you allowed Silver King type pitchers or you didn't.

I agree with rbow, people would get enough low stamina hitters that at least fatigue wouldn't be too much of an issue. It would probably play about like a 60mil league.

Ruth would probably still hit 100+ HRs though.

Thanks guys!