I'd like to get one of these going, if we've got enough people to do it.
Procedure: Find at least 6 people who want to play. Next, decide on teams. NOBODY CAN BE A TEAM WITH HIGHER THAN A B+ OVERALL RATING. Finally, set divisions and play.
If you're interested, put your Xbox Live Gamertag in a comment below, and your desired team. We'll all be in the same custom conference and recruiting from the same pool of players, so choose wisely.