I would be the commissioner, since this is my suggestion, and I have the experience, taking the trophy in 2007, and taking 3rd place in both my leagues in 2008, and I am the commissioner at my work for 2009.
Money or Fun, to be decided here
Teams, at this point we don't need 2 divisions, cuda vs challenger, it be best just have a certain number of teams, and we play head to head each week against another team.
I'll simplify this as best I can, best bet be to to the auto draft, Yahoo sports would take care of this for us, just need to sign in, I'll prepare the league, and send out the invites. I'm thinking it be best for this league to let the Yahoo sports default choose our teams, after wards we can make the adjustments by players who are on waivers as free agents, or through trades with other teams, more detail will be explained.
Your bench would consist of 1xQuarterback, 2x Running Back, 2 x Wide Receiver, 1x Tight End, 1x Kicker, 1xDefense, 1xWR/RB/TE, You can also sit 6 players on the Bench, have 2 players on injured reserve (need to define), and you can pick from any team you like. Some weeks a team has a bye week where they don't play, this is where you would bench him, and play a guy off your bench, the same position.
Points and such will be yahoo default
I'll let everyone digest this, and add more details later.