What's everyone's problem? I don't have a problem putting together a team that seems interesting and realistic to me. If you're expecting to have enough salary to sign five all-time greats, join a theme league. I have no issue with an open league reflecting real life team quality (and you can even do a little better). Everyone complains when it's too easy to make a team that shoots 50% from the field and then complains when it's too hard to make a team that shoots 50% from the field. What the heck do you guys all want? Engine changes would be nice, sure, but given that those aren't coming, the salary changes seem fine and interesting in that they'll force people to come up with some creative ideas (honestly I'm glad I'll now have to have some more scrubs on my team - that's where the game gets interesting, when you have to cover up some weaknesses).
As someone else pointed out, you can come within $700k of building the 2010 Magic who had the second best record in the league and you can actually create the 2010 LA Lakers (who, if memory served, won the championship). That sounds like you can create a feasible team to me. You can also almost create the 1991 Bulls, the 1987 Lakers, and probably other championship teams that I don't have the time to test right now. Get over the fact that your teams won't be posting ridiculous numbers as easily (isn't that what we all wanted?). If you're having trouble, start with one of these teams I just mentioned and just start replacing guys. Or, you know, think on your own instead of trying out all the players everyone's always used.
That said, I'm going on vacation for a month starting today, so I'll have to look forward to testing it out when I get back.