I think that the idea of putting such players on TL is sick. All the money spend on them is out and can't be used again, economy suffers a lot because od such procedure...
There is no reason to remove players from the game simply because a team leaves the game (owner quits). This wouldn't happen in the real world, the better players would move to other clubs, or be distributed through a dispersal draft.
BB could recycle all players to new teams. The only reason for not doing that would be the possibility that a lucky new team in D.VI could be assigned a Tim Duncan.
So the best players could become FA. The next tier could be assigned to new teams - retaining their identities and playing history. There should be no problem with some players switching countries during their career. The bulk of players could be given new identities, but keep their skills and age - so that new teams could have mostly local players. And the very weakest/oldest could retire.
This would increase the rate at which players mature to a more realistic distribution. New teams would not start 3 seasons behind the oldest teams, but perhaps 2 seasons.
And money need not be taken out of the game through FA. It can be re-injected through all sorts of mechanisms, such as TV or attendance money, adjustments in transfer fees, etc.