Mr. Morrison thanks, got your site mail.
The Private Forum will explain everything, here is a quick scenario.

Season 1 - Each owner will leave 12 spots on his roster for 200K scrubs = $ 2,600,000
Season 1 Salary Cap is $ 40 M. - $ 2.6 M = $ 37,400,00 you can spend on the 12 players you take to the league
Season 1 Owners can draft their favorite players at the lowest salary that player had. { Owners can adjust before closing draft }
EXAMPLE: Owner drafts Mr. Babe Ruth at $465,389 - 1935 his worst season as 1 of the 13 players going to the Big Show.

When the Draft is complete [ Each owner has 13 players on his roster ]
The 12 / 200K scrubs will all be replaced by the owner with any Random AAA players.

The 13 Draftees will be adjusted by the owner, to the best seasons, which is the owners discretion. allowable by payroll.
The owner has spent [ hypothetical ] 500K on each of his 13 players, totaling $ 6,500,00
Payroll $ 40, 000,000 - $ 2,600,000 for last 12 spots of 200K scrubs = $37,400,000
$ 37,400,000. - $ 6,500,000. = $ 30,900,000 for roster improvements.
Mr. Babe Ruth at $465,389 - 1935 - The owner that drafted Ruth - Can now change him from 1935 to
Any season he played during his career.
$8,866,707 - 1915 SP { 3 seasons as a SP } $ 30,900,000 + $465,389 = $31,365,389 ( - $ 8,866,707 = $22,498,682. left )
$3,588,559 - 1925 ( cheapest decent season ) to save money for other player twists ( $ 27,776,830 left )
OR
$26,701,562 - 1921 ( his best season ) $ 4,663,827 left
These decisions are up to the owners. How they want to invest.
Spread the money evenly or concentrate on a few players.
The players you draft are yours exclusively for all 5 seasons, unless you trade them or cut them.

Season 2 - Salary Cap is $ 80 M
Same as Season 1 with the exception of drafting an additional 3 players to add to your Season 1 / 13 player roster
Season 2 you will have 16 drafted players and 9 / 200K scrubs
The quality of your 16 is up to how you spend your $ 80 M
.The 9 / 200K scrubs will all be replaced by the owner with any Random AAA players.

That is a better explanation. I'll go for 2 teams matey.

What is wrong with this concept?

Nothing justagirl, your concept is right up my alley.
I'm in for 2 teams. My Owners Rating is: + 11640
Access please

ROUND 1
1. Gundam1_ ( -14116 )
2. Reddtrain ( -11682 )
3. justagirl ( -7406 ) - Entered Theme League Draft 66445
4. Kingofswat + 155 - Entered Theme League Draft 66445
5. morganf + 2958 - Entered Theme League Draft 66445
6. ohmorrison + 5166 - Entered Theme League Draft 66445
7. Retiredfart + 11640 - Entered Theme League Draft 66445
8. rmarksduke + 13757
9. Tab316us + 16083
10. JVT87 + 18171 - Entered Theme League Draft 66445
11. Retiredfart + 11640 - Entered League
12. ohmorrison + 5166 2ND - Entered League
13. morganf + 2958 - Entered Theme League
14. Kingofswat + 155 - Entered League
15. justagirl ( -7406 ) Will enter team when closer to filling.

ROUND 2

I'd like access to the private forum.

Yes Sir. You would have the #1 pick if Gundam does not Enter.

Come on guys, this will be fun. Give me a chance to invent a league.