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[stops lurking]
Unfortunately, I don't have time to join your league, but I do like the premise.
One of the things that makes promotion/relegation in the European soccer leagues so important is the difference in revenue generated by the teams in the "premier" division compared to division 1 and lower. This is partially due to the fact that each league negotiates a tv deal and then splits the money evenly among the teams in that league. What ends up happening is the premier league teams get like $30 million each and the div 1 teams get more like $5 to $10 million.
This causes teams to have to drop a superstar or two when they get relegated. Also, top free agents are unlikely to sign with div 1 teams even if they get offered lots of money. This of course doesn't do much for parity between the leagues, but that's kinda the point I think.
Another interesting thing that soccer clubs do in Europe is sell players instead of trading them. Top players can go for huge amounts, like $50 million. More often, the fees are between $1 million and $10 million. Players are rarely traded for other players.
These things may not be easy or even feasible to implement, but thought I'd throw it out there for you to consider.
[looks around to make sure no one has seen him]
[resumes lurking]
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