I just started a knicks dynasty. The first thing I did was sim the first season, I didn't resign anyone and drafted a big man with the number 8 pick. I then traded Kurt thomas away for an expiring contract and a second round pick.
I simmed year two. I didn't resign anyone at the end of year two, drafted a pg with the number three pick and signed a few undrafted rookies for the minimum.
I simmed year three. I didn't resign anyone except one of my rookies, drafted a sf with the 12th pick and traded steph to the Lakers for a first round pick and brian grant.

I then signed a few undrafted rooks to fill my roster.
I simmed year four and drafted a pf with the 5th pick in the draft and a center with the lakers pick (top 20) and a center in the second round. At this point I'm 18 mil under the cap so I sign Mickael pietrus, Maurice Williams and flip murray.
My line up now:
Drafted 7'0 270 lb center Rating 67
Mike sweetny Rating 65
Mickeal Pietrus Rating 74
Jamal Crawford Rating 80
Drafted 6'4 pg Rating 82
Bench:
R murray Rating 68
M Williams Rating 61
Drafted SF Rating 65
Drafted PF Rating 55
Drafted C Rating 52
Others
I made the playoffs with the number 4 seed in the east and am still under the cap.