This is my second dynasty team and I joined my first well after the initial draft. I have some advice for my fellow newbies.
SimDynasty is not really a management type game. Owners fiddle with their management setting and lineups, but is primarily a development game. As such, the primary skill is being able to judge the relative value of players. The owners who have owned several teams have developed this skill and as newbies it is sometime difficult to tell when a deal offered to you is a good one, so I have several general rules which you may take with as large a grain of salt as you wish.
The way the schedule works (roughly) each teams number 1 pitcher matches up against all the other teams number 1's, and number 2 vs other number 2's and so on. Lets say the Gold City "Greedies" owner offers you a really great slugger for your number 2 starter. If you take the deal the "Greedies" will have 3 quality starting pitchers, everyone else in your division will have two and you will only have one. Your run production will tip up and your top pitcher may win a few extra games, but your now so-so 2nd starter is gonna get bombed, and that 3rd pitcher for the greedies will win that owner a lot more games matched up against everyone elses so-so quality 3rd starters. If you have been silly enough to trade young starting pitching you have locked yourself out of the playoffs and given the other owner a considerable advantage not only over you but over the entire division. Don't trade quality starting pitching.!
The biggest come-on in the trade circuit is "hey these three geriatrics will put you in the playoffs!" It may be true for one season, but players deteriorate very quickly and if you trade away too much young talant you will find yourself in the cellar for years trying to rebuild. Be extremely wary of trading high draft picks for older players. The way teams rebuild is to load up on prospects and suck really bad and get good draft picks. If you have traded away your picks you will be stuck in mediocrity-land, unable to win and unable to suck really bad (without helping the team who sold you a bunch of over-the-hill players).
A good bull-pen is, of course, very important to winning, it's just a matter of supply and demand. Relief pitchers have really only 2 primary skills, velocity and control. Endurance and health are not as important as they are for starting pitchers. And, starters can be relievers. Relievers. except those with C or better endurance who maybe converted in time, cannot be starters. Relievers prospects are also easier to train. Once they hit 21yo. rotate them through the majors until they get 50-80 innings and you can develop several in a single season. As a result relief pitchers are relatively cheap, and easy to find. If you need a reliever just wait for the amatuer draft after each season. Most owners are hoping for a starting pitcher or big slugger. Set your preferences for a reliever and you should get a decent one.
A blue chip is a sure-thing gonna-be all star. I wish I could give you some guide-lines, ya know "18 and B with a- power", or "19 and C+ with B or better control", but there is one sure way to know you have a blue-chip. Trade offers from veteran owners will come fast and furious. Two for one, three for one, what do you want for Young McStud? The offers will pile up. Ignore them. There are two reasons. One, whatever pile of beans is being offered it probably doens't stack up to the entire career of an all-star. Greedy McGreed-Greed the owner of the Greedies is offering you three players who will hit a total of 100 homeruns last year? Your young stud may hit 400 homers during his 10-12 year career. The second reason is to avoid the perfect storm of power-gaming, the blue-stud pipeline. The pipeline is when an owner assembles eight to ten all-stars that range in age from 22 to 32. As the all-stars hit their 30's they are traded for blue-chip prospects. Its hard to resist. "Aged McOldy hit 45 HRs last year he's got 4 or 5 more years" will be the come-on, just give me Young McStud. He's only 19 (with A- power vs righty) he won't help you for years. The pipeline team stays on top and goes to the playoffs year after year. If you don't believe me see all the topics on free agency, "salary cap" and other wierder ideas of breaking up pipeline teams by redistributing talant.
Anyway, enough said. Good luck in the draft. May blue-chips, left handed power-hitters and A+ health control pitchers rain down upon your team.