Well, the manual says this:
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Enable Financial System: If enabled, the league will use OOTP's complete financial system, including team revenue, player salaries, etc. If disabled, all monetary aspects of the game are removed.
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So, there are no operational contracts (although you may see remnants of them if you had financials on previously). Players are signed with you in perpetuity, until you trade or release them or they retire. There is no Free Agency, but you can sign "free agents" by right-clicking them and selecting "Sign Player" (instead of "Offer Contract").
By the way, you can turn financials on or off only during the preseason.