Teams are given new owners beginning with the lowest numbered leagues in IV, so they should have a new owner within a day or two (teams become bots on Monday morning, but new teams are added through the week).
So the new owner probably won't win the playoffs, but may promote based on "his" regular season record. If Sin Amor does play any games before a new owner is assigned, they will have a reset lineup consisting of their 12 highest-salaried players, with the highest playing PG, and so on. They'll use the base offense and man-to-man.
A new owner will be able to participate in your draft. I'm not sure how BB handles this. They give new teams some scouting information, I think around a dozen, and I'd guess that they would just generate a fresh set in a case like this.