I've done it with no minors and with one level of minors. It's annoying because even when a 21-year old is good enough to be in the league, he's a 21 year old who will never be better than he is right now (save one of those big unexpected leaps in ability). Also, you get young'uns completely tearing up the league, which often leaves you with inaugural-draft players dominating your league's leader boards 50 years into the future.
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