Offseason processing is not complete yet, so your TV Contract money isn't updated, and your players haven't aged either.
As of what to do with your money, I'd prioritize building up your arena. If it's not big enough, you can't support a competitive team either. I'd try to keep at least 30-50k weekly profit (I don't know what's realistic for your division, try to be above average). If you go above that, you can buy a new player to reinforce your team.
If you like, you should invest 50-100k in a nice trainee. Aim for at least pereniall allstar with 45+ skill points, and make sure it doesn't have holes in important skills (mainly OD/PA for guards, ID/IS for bigs). Since you just promoted, you're gonna lose games anyway, so it doesn't matter to much that you play a rookie, and you can train him out of position too.