I'm kinda surprised no one has done this. If they have, chalk it up to my laziness in refusing to go through all the old threads.
It would be cool to have an FHM-sponsored tournament challenge, where you signed up to play (in various leagues, unless you couldn't get at least 40-50 to play), and you snake-drafted current NHL players and the teams are assigned on a first-come, first-served basis for a given league. Have the tournament last the first 30 days or so of FHM7's release, and give minor prizes away to league champs.
Absent this, it would be cool to have a privately-run "invitational," where something similar happens and we see how it goes in an online league that also only lasts a similar amount of time (30-60 days at most).