Despite the fact that it will lead to a lot of extra work for both of us, Randy and I are in favor of adding a comp spec system. We'd like to hear everyone's thoughts on the subject. We're using TKO's comp system as a model for now but that could be changed or tweaked a bit.
The reasons are pretty simple...the talent pool in the league isn't that great. Our original fear was that player editing would cause the ratings to get out of control eventually. But we have the TKO league as proof that a comp system (and editing in general) doesn't necessarily mean the talent levels will keep raising and reach an unrealistic level. That league is almost three decades in and although ratings have gone up, the talent level is fairly even. There is statistical evidence that the TKO league hasn't been affected drastically by having player edits and comp specs. There are a few anomolies (ahem...Atkins) but other than that things have been reasonable realistic.
Our league, on the other hand, has had some subtle raises in ratings even without player edits but we haven't had the benefit of additional talent being added to the available pool of players. As a whole, it is potentially killing the league. Superstars exist in our league, but there is zero incentive to let them walk for free agency (assuming they're willing to extend) without a comp spec system. In addition, there's no use bothering to pursue trades because no one offers significant talent in return. The GM holding the superstar has little leverage without the possibility of a comp spec in the future, and the guys that are making the offers can expect their prospects to be ready for the MLB level quickly because of the speed of development in this league. Essentially, both the trade market and FA are affected by this. There's no reason to rebuild when you can't get a good return on your star players, and there's no reason to let them walk when you'll get nothing in return.
There will always be overpaying in FA (there has been in every single league I've been in) but I think the lack of available talent perpetuates it. With a comp system in place we could see the trade market pick up, and more players hitting FA. All in all, a more even distribution of talent across the league and a higher number of impact players, without killing the league's long term potential. In fact, this very well could be what saves it.