Gentlemen, after a little more fiddling, I'm embarrassed to admit that this was a self-generated problem.
My league is a smaller one, and has a schedule of only 120 games. Even though I was running a shorter schedule, it didn't occur to me to decrease the league's financial modifier, and so I ended up doling out 162-game salaries with only 120 games worth of income.
Oops.
