for new comers in here, don't even think of winning the league right away, instead, you can purposely lose (just stay in 5th or battle it out for the 6th spot if you're within the 6th or 7th spot or else you'll be introduced to the word "demoted"). The reason is very simple, other managers in this league has played this game for a considerable amount of time and has a considerable number of strong players. the probability of you defeating them, even after you bought your first "star" player, is very low. by purposely losing, you're increasing the chance that you will land on high ranking picks. In line with this though, you'll have to give at least 20,000-40,000 (3-4 scouting points/week) to find the right prospect.
the money you gathered throughout the season can be used to buy a new player or if I may suggest, a new trainer to strengthen up your newly acquired players thru picks. some may argue that this may take a very long time to come into fruition in comparison with just buying strong players but the problem is the players with very strong attributes that can be bought with less than 300,000 are most likely 30 years old or older. players that old may give you quality basketball but their time with you will be very limited and their skills may drop due to age.
anyway, for those who do not know what TANKING is, it is what I've been telling on the first paragraph- PURPOSELY LOSING. :)