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One league has a 30 million dollar cap and a closer was offered 15 million for 6 years (by a major contender)
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I am a member of this league, and let's just say that I happen to know that there was some confusion during the signing process of that player. He was never supposed to be signed to a contact of that size. And I agree that it's silly. But the owner understands the game, and doesn't think that it'll cause him any problems (though I wouldn't want to have a contract like that on
my team- in fact, I just dumped a contract that was one fifth of that). And the commissioner is, quite frankly, the best that I know. So it doesn't threaten our league in the least.
http://www.bkick.com/tstbl/main.htm, if you're interested.