You have to release them before 9/1 or you will have to pay their salaries. If you try to call them up after 9/1 you will get charged for half their salary, but they won't show up until 1/1. This screen can be confusing, but here is my understanding.
It won't stop and ask you what cuts to make, it will just do it and keep on advancing... Throughout the season you will earn additional money from gate receipts and sponsorships, and from other misc sources.
At the next 8/1 you will once again get a pile of cash from your sponsors and the team owner.
Add this new cash to your existing cash, and that is what you have to work with for your second 9/1.
Its a little disconcerting to see a negative balance during the season, but remember that you will get a wad of cash on 8/1 every year.
Also, between every 8/1 and 8/31 you can make changes to your investments, coaching staff, and roster in order to make sure you stay in the black.
I suggest holding as much cash as possible during the season so that you can buy the best coaches for the next season.
- You don't have to set investments and hire new coaches until 8/31, or if you do it before that, you can change it anytime before 8/31.
I just wait for 8/31, after I have made cuts, call ups, and transfers, and then decide how much I can spend on investments and coaches at that point. Remember that when you first start you only have until 8/31 to bring in transfers and have them show up immediately.
There are so many things that I had to learn from trial and error, I thought I would give a few tips.