For historical, I never use an inaugural draft. The spread of talent is much better if you use real rosters to begin your league. I also turn off the amateur draft and have players assigned to their original teams, again to spread the talent out naturally. I turn off the option to allow trades of recently-drafted players, which gives the AI a little more time to properly value a stud prospect.
From there, you can use house rules to limit your ability to abuse the AI. One rule that I always use is to never trade for any player that is in the Hall of Fame. I also only allow four players in any one trade, i.e. no more than a 2-for-2 or 3-for-1, with trading on at least Hard. I sometimes play with the limitation that I can not acquire any player that did not play for my current team in real life.
Even with all of that, it is still hard to avoid scamming the AI and still have any fun (i.e. try to win). As Rich said, if you want to play all out against the AI and see how good you are, play fictional.
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