Last year I started a relegation style league with 36 owners. We have 3 levels of leagues with 12 teams each. At the end of the year, the top teams move up a league and the bottom teams move down.
This year we are opening up a second league in the middle tier so there are 12 spots open. The first 12 people to join will start in that league. After that, new players will fill in the dropouts and start in the bottom league. Below is a link to the full rules and how to signup.
I am collecting 2 years of fees because this league is best when people stay.
We also have a website.