Just share some of my knowledge in FM2006.
U can always get some free players whose contracts are expiring or
unprotected, provided they are interested in your clubs.
1) Select a player that you are interested to sign him for free in
the next season. (Note: His contract must be expired in the next
season)
2) Buy with him with a "confirmed" price that the club will accept,
be it 50 pounds or more.
3) When the expiry date of his contract is drawing near (End of Feb
or Mar), cancel the transfer and offer him a new contract to sign
him for free.