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 opened up a second league in the middle tier so we are up to 48 total owners. The new league is full but there is space available in the bottom league replacing owners who did not play again after last year. 8 out of 12 teams will be promoted from the bottom league this year.
I am collecting 2 years of fees because this league is best when people stay.
Here are the full rules and instructions for joining the league.
We also have a website.