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Great work guys! This is so helpful! I started a league that mirrors English soccer, and used Premier as MLB level, Championship as AAA, League 1 as AA, and League 2 as A. Just in the early stages, so don't have much data, but am enjoying playing the game this way. There was a fairly consistent drop in a teams budget if they were relegated, and about the same "bump" if they were promoted. Like several already mentioned, just playing around with things right now, and once I am satisfied with my setup, I'll get more serious with this.
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