I simmed 2 seasons and it looks like free agent contracts seem to be using the Show's old contract system. In other words, Boegarts, Sale, Rendon and Mookie are all signing deals worth less than $20M/yr. I recall one of the reviews noticing the same issue with contract extensions (I haven't tested this out).
If this is true, it would defeat the purpose of real life contracts since the in-game economy doesn't reflect the change. I'll try to run a few sims later but hopefully the community can test this out and see what results they get.
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