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I think the first decision you have to make is what to do about the players. Having 24 teams worth of major leaguers suddenly become free agents will have a huge effect on the quality of play in your league to say nothing of the effect on league finances. This would be very disruptive.
Unless you plan to delete them, my recommendation would be to shunt those teams off into another league. You can decide what kind of relationship will exist between the old and the new - whether free agents can enter or leave, whether they can trade, etc.
Without deleting the players, though, contracting 24 teams - even if spread out over a dozen years - will be very disruptive. Just my thoughts.
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