Check out this thread
If you decide to use your idea, you should consider building in inflation. For each year you keep that player, you have to give up a pick that is one (or two, or three, ...) rounds higher. You pick, say, C. Zambrano in the 10th round, then to keep him you give up an 8th round pick after the first year, a 6th round pick after two years, ...
As I posted in the other thread, you might like the system my friend and I developed. It uses contract years, and is highly variable from team to team. We've had a blast with it:
http://www.geocities.com/thehaber2000/r ... rules.html
"The game has a cleanness. If you do a good job, the numbers say so. You don't have to ask anyone or play politics. You don't have to wait for the reviews." - Sandy Koufax