Before starting a new franchise, go to "Roster Mangement". Release your highest paid players to the Free Agent Pool. For example, if you are the Knicks, release Spreewell, Houston, etc.. This also works for any team in the game, so you could release Jordan from Washington, Shaq from the Lakers, etc. and build a super team for the league minimum. Start a new franchise, and go to the "Roster Management" screen. Select "Sign Free Agents" and you can now sign your high priced players back to your team for the league minimum.