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There's a setting as well which lets you determine how much a released player gets in terms of termination pay. Historically, prior to free agency, released MLB players did get termination pay. It started off at 10 days' pay; shortly after WWII it was raised to 30 days. In the early 1970s it was raised again, but I don't have the exact details in front of me (I can post them later if anyone likes).
In terms of the percentage of a year's salary the termination pay amounted to, 10 days was roughly equal to 6% of the annual salary, and 30 days equal to about 17%. The cost of releasing a player during the reserve clause era was fairly cheap. (Though even during that era a few players did have guaranteed contracts, roughly 5% of all players. About an equal percentage had multiyear contracts.)
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