Release your highest paid player to free agency. Offer them a new contract. Their asking price might very well be lower than what you were already paying them. This could save you millions. Sometimes your players will demand more money after you release them though, so make sure to save the before you attempt this.
Cheat code: phmantle
Cheat code: Game On
Cheat code: Derek Jeter
Cheat code: mightymick
Cheat code: triplecrown
Enter the cheat code "mightymick" at the cheat screen.