Mike:

As you have said I have been around PB for a number of years, in fact since the beginning. I know that you have also been around for about the same amount of time so I am surprised that you don't know where the rules are. In case you can't find them select Home Page from the choices at the left, then Manual, then PlayerUsage/Roster Limitations from the menu and go to the bottom of the page where it talks about PB Value LImitation.
The CAP applies only once a year and that is when you have to cut to 27 players at the end of the Rookie Draft. In the 7 leagues that I checked only 2 teams that were over the 109 CAP value that was estimated for 20 team leagues had cut to 27 players. Most of the teams had 30+ players. They have to cut players anyway even if they draft nobody in the Rookie Draft. If you have 30 players on your roster and draft 2 more you still have to cut 5 players to get to the 27 player limit. The tenative CAP numbers were announced a bout a month ago but some teams have done nothing about the problem until now.
I have to admit I don't remember when the officail CAP numbers have been announced in years past, as it has never been a problem for me, but I do that the unofficial numbers that KenG has been giving in the past are very close to what the final numbers will be. Ken said the numbers would be about 113 on Feb 7 and Mike said that they would be about 109 around the first of the month.

I have nothing against managers who are successful but not even the Yankees can afford to have 25 superstars on their roster. I have seen for years how the haves can afford to trade away big name players every year to the have nots for their good Rookie picks. Is it wrong, NO! However I have also seen managers quit when they have been in divisions with a couple of super teams as they see no chance of ever winning.