The very first thing I look for in a team that I'm interested in, is the Cap situation....above everything else. I'm not a fan of correcting the previous Coaches, or AI's, silly spending of monies.
For me, I look for: (Top 5)
1. What is the cap like vs do I have enough to re-sign my players in their final contract year as well as draft picks
2. Are the coaches solid, and is there an absurd amount in their final contract year.
3. Draft picks. Did the previous coach sell the team down the river for short-term gain.
4. League activity, is this a league that is steady, or slowly dying.
5. Team talent and age of talented players at key positions.
I really hate the games renegotiation wizard...it's just nonsensical, and leagues can die because of it. There is never a quick fix other than to spam JDB or League Admin for correction LOL.