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Random Sample
Well I picked a Managerless team in a league that I play in and looked at the trades made.  There were 4 MGLESS trades made with the team sending 41.503 PB Value away and receiving 34.31 PB Value in return.  In addition, the team received a RD2 Rookie, RD3 Rookie, RD5 FA, and another RD5 FA.  They gave up a RD2 FA and a RD7 FA.  Some names leaving the team were:  Pedro Martinez, Bill Mueller, Cesar Izturis, LaTroy Hawkins, Mariano Rivera, Roger Clemens, Rafael Palmeiro, and David Riske.  Some of the new faces arriving to this team were:  Byung Kim, Troy Glaus, Kevin Millwood, Edgar Renteria, Adam Eaton, Erubiel Durazo, and Ray Durham.  
So what does all this prove, I don't know.  It was my assumption that the MGLESS trades were supposed to significantly improve the team overall and not just be a fair exchange of talent.  This particular case seems to show no real net loss or gain to the MGLESS team in my humble opinion.  They did not even pick up a Rookie 1 or FA 1 in any deal in exchange for some significant names.  At the same time, they don't seem any worse off.  Any other outlooks on this scenario?