We use a contract type of league. I have found this to be a great setup.
IDP - PPR - 45 man roster + 5 man taxi squad.
I would be willing to co commish a new league with this type of setup.
During the initial draft (serpentine wrong on web link) you draft your team and each player gets a contract between 1-4 years. You take the total number of players drafted and multiply that by 2.5 that gives you the total number of years you may assign (rounded up if ending in .5). We had 45 rounds so you have a total of 113 years worth of contracts to assign.
Rookies are drafted in a separate draft and automatically get a 5 year contract during the rookie draft. There is a 5 man taxi squad that allows you to keep players on there for an unlimited number of years before moving them to the active roster. After they are moved to the active roster they may never be moved back to Taxi.
Waivers - all waiver claims get a 1 year contract. If the player is a rookie according to MFL they may be moved to taxi squad before they are on the active roster for a game they are then given a 5 year contract.
FA auction - Every year there is a FA auction which includes all players that had the contracts run out. The same contract system is used after the FA auction 2.5 years for each player you draft.
Franchise and Transition tags -
Franchise - Each year you are allowed to franchise a player that player is given a 4 year contract and does not come up for auction.
Transition - Each year you are allowed to also transition tag a player. Those players are put up for auction before the FA auction begins. When the auction ends for your player you are given the option if you want to match the winning bid. The player is the first of your FA's from the FA auction
Those are some basic rules of the league. Here is a link for more information. It is a great setup and we have been doing this league since 2007 without a big turnover of owners.
You asked for it so we did it. This new league is based on the information I posted above.
Startup draft when league fills.
This is very similar to the UFL league that has been in existence since 2007.
We have the benefit of a startup league where you can draft your own team instead of taking over another team.