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I think it depends on what you're trying to accomplish. There are two angles I look at: league prestige and normal cash on hand of all teams.
I've been experimenting with this, specifically in the fictional historical realm: early 1900s, fake players, no draft, but plenty of independent leagues to purchase players from. The higher the league prestige, the more expensive it is to buy the player. I establish that principle right off the bat. However, I try to find a number that accounts for the wealth of teams and what I'm trying to accomplish, but also make it restrictive enough that big market teams can't buy absolutely everyone and small market teams still have some coin to purchase players with.
I control the poorest team. Obviously financials are scaled to early 1900s #s, but the team is usually only profitable by about $3,000. This gives me that amount in cash to purchase players with. Some leagues are as cheap as $500 to purchase from, others as much as $10,000. This is mostly scaled based on the prestige of the league and the quality of the players within that league. This is designed to restrict the poor teams from buying the best players. That wouldn't have been realistic in those days. But it also doesn't completely shut them out from purchasing talent that might pop up in the lesser leagues.
I know that doesn't exactly answer your questions, but perhaps it sparks an idea. I think it really should be based around what you're trying to accomplish.
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