If this is really just to contain money supply, why not just temporarily increase player salaries by a large amount? This could be done in a weighted way so that the salary increase only impacts players who currently have large wages.
You said that player salaries have not caught up to what you want. So just set them that way. If you want the top players to have $500,000 salaries, then do it. Reset the salaries every year so that again the top players have a $500,000 salary. Then mid-range players who currently have 5-10 thousand in salary could remain relatively the same.
Also, something that could introduce a cost would be to age players faster. Right now they need to be geezers before they start to see a drop in skill.
Anyhow, I will take your suggestion, watch the changes and see what happens. You have never disappointed before so I will be cautiously optimistic. ;-)
Run of the Mill Canadian Manager