By contraction are you only suggesting contracting the number of teams in current leagues?

I think this is a very short term fix unless launch leagues begin and we bring in new blood. If launch leagues begin, then I think the current leagues will fill up as they are - though I'd suggest extra draft picks for newbie owners.

However, assuming launch leagues are some time off, it seems to me that what needs to happen is to reduce the total number of leagues, not the number of teams in a league.

Whether you contract to fewer leagues and more 24 team leagues or a few more leagues but 20 teams, are both options. I'd go for some of each.

But...right now we have not more teams than managers, but more leagues than managers. If the number of leagues is not reduced, it won't solve the problem.

Combine 3 leagues into 2, have formation drafts, and start over for those combined leagues. Give owners the option of participating in the formation draft or taking over an existing team in a league that is not being eliminated.