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As far as I know, the reset still keeps the teams in their relative ranks so if you had 5th best parts, you should be around that level post reset.
Ok, I know that's easier said than done. But at the very least, you learn to optimise your team and performances better than the AI can usually manage after a few seasons of playing this game. So the new regulations should've helped you get out of the ERS, but poor luck and timing caught you out this time.
Just remember the upper limits for each series in the future that triggers this event (ERS 900, APSC 1550, WMC 2850, GTCS 1150, IGTC 2150).
Unexpected bad things happen to everybody.
Always have a cash reserve for emergencies. If you had a cash reserve you'd be able to afford breaking driver contracts or developing parts.
You can't take a loan in this game so keep a few million in your cash account.
I got caught out because I was building my infrastructure. Cars, HQ, building a great cash flow. That had gotten me to 3rd place and I was going to really move on drivers and a killer car and get 1st. The reset killed my big car advantage and I couldn't keep up fast enough with parts to avoid getting fired.
Knowing about the reset now, I could plan for it, but it completely ruined a good game I had going in what felt like a completely arbitrary event :(. Frankly, I haven't had the urge to play again since. It'd been a difficult game (using Flaming Red's mod) and getting smacked down on the cusp of many hours of work really took the joy out of it.
That's disappointing to hear. I just started my second season and hope this doesn't catch me off guard in the future. What happens after you're fired? Do you just have to start a new game?
I believe if you get fired you just become a "free agent" so to speak and can try to swoop in on some other team that has a manager in hot water (kinda like where you would've been before being let go). Then it's up to you if you want to plan revenge against your former team and see them crushed into dust or make yourself attractive again so you can go back at a later date.