I'm fine with the Holland/Nill idea, but would tweak it so that teams declare a cap-compliant roster for each series.
If a player is injured, they can be replaced from the non-active roster (as long as they remain cap compliant), but the injured player has to be out for a minimum number of days (say 2 weeks) from when the 'ace' joins the active roster. When the injured player returns, their replacement goes back to non-active status and remains there until either another player is injured or they're declared onto the roster in the next series..
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