When you did a fantasy draft in the previous year the players' existing contracts in real life were torn up and they were given a contract based on their position in the fantasy draft.
I'm pretty sure your first picks are signed for atleast 4 seasons if not more, the guys at the very end of the draft are FAs at the end of the year.
Personally I would only get to maybe 2 Superbowls with a team before getting bored and wanting to draft a different team, plus all my players would be developed (Not using practice).
This year I know practice is gone and it can auto delegate the "preparation" so I assume CPU teams do it and should be better at developing their players this year.
Anyways I usually didn't have the salary cap on in fantasy draft because like I said I don't play long enough for my good players to hit FA and the other teams good players dont hit FA unless they change a coach and cut good players that dont fit their scheme so I just draft the players I want or trade if I really need to.
If I do my fantasy draft team with Watt-Megatron-Shady I will probably play 3 seasons max at which Megatron (28 now) will probably have started to regress but is already the best at everything and can be made even better so the cap probably doesn't matter to me one way or another.
After that I will probably eventually do a pure long term franchise and only go after the youngest players.
Also in last years game every draft class had a lot of terrible rookies at a lot of positions for example every corner in every draft other than Leon Sandcastle was way too slow and terrible.
I here this year every draft class is randomly generated so hopefully the rookies are like the real rookies in the game good athletes making them worth caring about.