My buddies and I are looking to grow our salary cap league. Check out www.fanaticsports.com to get the idea of the scoring etc. We have a "commish league" set up if you'd like to join us. PM me if interested.
We had 24 guys last year. We split the season in half, $50 per team per half (8 wks, 9 wks), with weekly cash prizes along with 1st & 2nd half payouts for the top teams. We've paid out as many as 6 places and as few as 4, depending on league vote, with 90% of the fee's returned as cash prizes.
It's all done online on your own time, so you can see where you stand week to week. The only rule we change for our league vs the site leagues (they have three, 1 free, 2 pay) is we do not drop the lowest score, and we split the season.
No draft, new roster each week if you like. I also belong to 3-4 draft leagues, but I like to mix it up, especially when I don't have to pay for my trades!