Final Answer:
The mean salary of the teams was significantly different from $100.0 million at the 0.05 significance level.
Step-by-step explanation:
To test if the mean salary differs significantly from $100.0 million, a hypothesis test is conducted. The null hypothesis (H0) assumes no difference between the mean salary and $100.0 million, while the alternative hypothesis (H1) suggests a difference exists.
Utilizing a significance level of 0.05, statistical analysis, like a t-test or z-test depending on the sample size and known population parameters, is performed. The calculated test statistic is then compared against a critical value or p-value threshold.
After conducting the test, if the calculated p-value is less than 0.05, the null hypothesis is rejected. This implies that there is enough evidence to support the claim that the mean salary significantly differs from $100.0 million. Conversely, if the p-value exceeds 0.05, there isn't sufficient evidence to reject the null hypothesis, indicating no significant difference between the mean salary and $100.0 million.
It's essential to consider the implications of this finding. If the mean salary significantly differs from the assumed value, it can prompt further investigation into the reasons behind this difference. This outcome could influence decisions related to team finances, salary structures, or strategies for maintaining competitive salaries within the league.