And Jeffy, I'm with you on arbitration! It's a pile of **** as is. You'll have merely good players making like 10 million in first year arbitration. Half the time I end up just trying to clear salary of first or second year arb players.
Also, (and this is going by '09 still. I'm outdated), you can't work on extending contracts until free agency starts. Then you only have a short amount of time to work something out. And, in free agency I don't know how many times it will say the player I am after is most interested in my offer (by a decent chunk) and then they go sign with a worse team, less years, less money, to a contract they weren't as interested in. It seems like the game picks certain years for this to happen more than others and it drives me crazy.
Yet, I still play it simply because the idea of it is just fun.