I took over a team in a similar situation - mainly because I want to see what happens.
A previous owner several seasons prior signed some ridiculous contracts, then the AI kind of blew things the past few seasons. Next season's dead cap is more than the league's cap - so I don't think I can even keep any drafted players.
Also, this team only has 2 players on its roster that was drafted by my team. One player from 3 drafts ago and another from 7 drafts ago. I think the team had to cut all draftees the past 2 years because of the cap.
I'm guessing next season is awash, as it will be a season to eat the dead cap - and in 2 seasons the rebuilding can begin.
Here's the link for the team page:
https://mfn26.myfootballnow.com/team/27