I have read everyone's suggestions and I will be making a better general idea of it out later so we can continue to hammer out the details.
So far 12 teams seems like the ideal cap for everyone, so that is set. I will lay out the options later and we will work on this some more. We're leaning more towards points/roto style. $20 per team, seems fine with everyone and one suggestion that made sense was to add $5 each team for PayPal fees, and shipping out the prizes if we vote on prizes, and for running the league. I don't mind running it for free, however I think the Paypal fees and shipping are fair, or the winners pay shipping at the end.
I'll be back around 7 or 8 with a better thought process, but feel free to add on to this while I'm out.