The competition is still there.

If you took the top 100 guys, a 24 team league would see 4.16 guys per team, while a 20 team league sees 5 guys per team. So we are really only looking at one star extra per team.

Platoon factor is more of a factor as your team has a bit more depth. Lefty starters lose a bit of value due to this(unless you can find a lefty that dominates righties).

The FA draft is much deeper in a 20 team league. 2nd and 3rd round rookie picks can still pick up quality players.

If you took the top 100 guys, a 24 team league would see 4.16 guys per team, while a 20 team league sees 5 guys per team.

40% of the teams make the playoffs compared to 33%.