I honestly would love a pay league. Best thing to do, if real rosters were used, would be either to have a random draft to select the teams or do a complete fantasy draft so all playing fields are equal, you cannot select teams on a first come first serve basis.
As far as an entry fee goes, if each team pitched in 5 bucks (including the commish) thats 150 bucks. This would assure #1 everyone is atleast of a responsible age to keep the league nice and active and #2 its not really that much. I have a low paying job and I can afford 5 bucks every few months
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But thats my take on it, it would be 150 bucks and like someone said in a previous post, you could put that towards a gift certificate online or something. I think this idea would be alot of fun and it would keep me 100% active