It's still there in league history if the team folded according to real expansion. If you manually delete I don't think so.
If a team folds according to history and you did not release the players prior to the offseason then you should find them still assigned to that team in league history and you can release them unless they retired that year.
You can release players before the offsets on but if they played for the champions then I think those players won't show up in the championship page as part of the champions.
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