I was the commissioner of that league, which we called the .50 cent league. It was one of my favorite leagues of all time.
A couple of points though. It was played in the very brief period where you could get a free 1986 team, and no credits were ever awarded in those free leagues. It was unlimited salary cap, so you could setup your autodraft to draft a really bad team. We did require each team to have a starter for each position in order to stop the inevitable drafting of a team of all catchers or something.
Despite this, some jerk decided to join the league and draft every good player, clearly against the league rules. Bernie did take the team away from them, and I actually gave it to my son. Ultimately, the league as a group decided to let the dominant team play it out and see if it would eve lose. (it went 159-3!)
All that being said, it was one of the most fun leagues I ever played in, and I would do it again for sure assuming we could get 12 good dedicated managers to play it by the rules. It was also the only league I played in where "trash talk" was actually pretty funny.
For completeness, here is the worst SOM online team of all time (so far):
http://365.strat-o-matic.com/team/77245worst hitting team:
http://365.strat-o-matic.com/team/79136 (this was my team)
worst pitching team:
http://365.strat-o-matic.com/team/79970the dominant team:
http://365.strat-o-matic.com/team/80041