There's actually a solution to this.
League admins have the ability to kill dead cap, so if you recently took over a team, you could talk to the league admin about taking off some/all of your inherited dead cap, including from players on overpriced contracts. You should determine what you want to do, have a conversation with the league admin about what you plan to do and how much dead cap he's willing to eliminate, and then execute the plan as agreed.
Generally speaking, league admins prefer to keep active owners rather than replacing them or having bot teams, so they are motivated to make reasonable concessions to keep owners.