It's a sham for sure, its exploited the rules. As a commissioner in a league of would be saboteurs, I had to draft my leagues rules with this type of bush league play in mind.
We have set roster limits
2qb/3/rb/3wr/2te/2k/2dst/1flex at any postion
you can place a player on IR (if listed on sportsline as injured and pick someone up at a cost of $5.00 and you cant IR a IR replacement player) I have run a league for 10 years and for the past 7 we have used this system. I find that generate the most money for the league and allows everyone a chance to pick up a player in the case of last minute benchings (i.e. Fragile Fred last week ands Holt? this week.)
What you did was within the rules-but you perverted them to for your own benefit and against the spirt of the game.

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