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Okay, in that case I'll bow out. My best advice would be to use one of the default templates and just change the date from 2006 to 1901. I would also advise (for simplicity's sake for your first fictional league) to not use independent minor leagues, or more than five affiliate teams (one per level) per ML club, or add any international leagues.
Finally, you might want to turn off options like international scouting and developing hidden players. Or not. I like the world scouting system, but many players hate it, and it does add another level of complexity.
Last financial note: A lot of people complain about the excess money in the system leading to runaway inflation. If you're feeling adverturous, you might want to check how much of a surplus each of the ML clubs is predicted to run after the initial setup, then reduce everybody's merchandising revenue by the amount (or half the amount) of the smallest surplus. Before you do, save your game as a quickstart, so if teams start going bankrupt in ten years, you can just sigh and begin again with one button push.
A lot of players complain about how hard it is to expand in this game. I've never tried it. Unless you have a good reason for it, you probably shouldn't mess with either the development/aging or PCM/MLE numbers. A good reason would be wanting your batters to have longer careers, or prefering the deadball era style of play. I hope someone else shows up to give you better advice.
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