For some context, it appears that the minimum salary in 2007 was $275k/year nominally ($325k/year inflation-adjusted) for rookies, increasing by $75k/year each year until the fifth.

My research suggests that the minimum salary first hit $50k/year nominally in 1988 (which is $100k/year inflation-adjusted). The minimum salary has always been at least $60k/year inflation-adjusted since the first collective bargaining agreement in 1968.

Hrm. I remember looking up the minimum salaries about a decade or so ago and was surprised to see that they were so low. Maybe my source was out of date.