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FTR, payroll can still go up without top end contracts going up. If midlevel guys get paid far beyond what they used to while the cap of the market for the top players decreases by 10-20%, payroll will still go up because there are so many second and third tier FAs.
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"When the Know-Nothings get control, it will read 'all men are created equal, except negroes, and foreigners, and Catholics.' When it comes to this I should prefer emigrating to some country where they make no pretense of loving liberty – to Russia, for instance, where despotism can be taken pure, and without the base alloy of hypocrisy.”--Abraham Lincoln
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