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Well, I can only answer part of this with any degree of certainty. In your Game Setup/League Setup page there are function buttons on the lower right corner of the screen. It's not the Financial, but the Other button that has an option to Release All and Draft. Mine has always been greyed/blanked out in that area, so I assume you're right about when it can occur, i.e. between seasons only.
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"Try again. Fail again. Fail better." -- Samuel Beckett
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