Some good advice there from FE.
I wouldn't worry about trying to meet the salary floor in your situation. Loading up on players is only ever a temporary solution. Looking at the age profile of your roster ... Sorry to say, but it's actually pretty bad.
The good news is that you get huge attendance boosts coming up to ABBL, fans are willing to pay a fair bit more to come see the top teams. I would still be focusing on finishing off your arena with any spare cash you have (you can also dump all your staff, as you won't really need them right now).
So overall, you won't need to start from scratch, but I would recommend you start from scratch personnel-wise. I did the same thing myself back in season 38, after pretty good seasons in 36 and 37, I decided to hit reset on the roster, tanked and went down to rebuild. Out of that, I drafted arguably my best ever player, trained him up in a training plan alongside two other good prospects, and yo-yo'ed between div 1 and 2 for a bit. Now, my team has matured and finally come together, so I can contend for the next couple of seasons (fingers crossed).
Having a completed arena really helps with that, making sure you're maximising your economy each week, and never having to worry about spending there again. I would recommend investing in a long term training plan, it isn't the only method to success in BB, but it is consistent and in my opinion more fun and rewarding building up your team through training and seeing your players improve week by week.
Good luck!