The cap is probably a moot point in a draft league with such a short window of 10 seasons to pick from. I don't even think it will come into play. The highest hitter available to be selected is 77 Rod Carew at $9.8 million and there are only six hitters with a salary above $8 million. Even putting all the highest-paid position players available on one team as a starting eight only came to $66.3 million. In a draft league, it would be shocking if any two of them wound up on the same roster.
As for pitching, there are 16 pitchers above $10 million, but four of them are duplicate seasons of pitchers like Tom Seaver and Gaylord Perry.
I think you will see a lot of regular players making $4m-$5m starting and playing regularly in this league and a lot of relievers in the $2 million range that will be used. It's been a while since I've run a league in WIS, but the salary cap is there because usually when you set up a league you have declare it as something, and I seriously doubt it will be an issue at $120 million.