They're not 42 million in the hole. They are spending 42 million dollars more than they are allowed. Because of this they are paying 1 million dollars a day to the rest of the league. They currently have 89 million dollars on hand so they will shell out about 66 mil in salaries, and then ~40 million in penalties. They will make money from 6 home games so figure somewhere around 9 million in concessions brings them to ending the season near 0 cash.
Sounds like they are just spending off the cash and might gut or quit at the end of the season.
In the meantime they are paying your team somewhere around 2 million dollars to be in the same league.