[UKSubs]

The other question would be finances and free agency.

In theory you could keep all teams financially equal and allow for free agency.

All teams would start equal and get an equal infusion of talent each season (though you would probably need to add ten new players every year and work out drafts at least 3, but probably 5 seasons in advance to ensure you added enough players at each position).

The differences would come from managing, trades and free agency moves. Basically, an owner would always feel that they won on their own merits, since only the luck of the talent and rating changes would add any non-controllable difference. As fictional league ideas go, I think this is the best one I've ever seen.

I assume all the stadiums would have equal features as well.

The other suggestion I would have is to keep the league small. No more than 16 teams. This way you could have two leagues and since the teams are always equal in revenue and initial talent, each league wouldn't need divisions, since there should always be heated pennant races with the similar level of talent.