I wanted to come back to this thread and thank everyone for their advice. I started to get my game shape up and I've won my last four games in a row to even my record at 4-4 and move into 4th place overall. I honestly didn't think my team could do it, but at this point I fully expect to at the very least be in great position to make the playoffs at the end of this season. Not bad considering I was dead last just two weeks ago.
My only roster change was to buy one player. He wasn't even a good buy overall considering I'm paying him $55K per week. But I'm still making tons of money, around $80K per week when it shows my league average is negative $1K per week. I currently have nearly $1M in my bank, so I'm doing ok, I'd say.
Anyway, thanks to all for your advice.