OK, I think we have consensus now.
League name: The 50 Cent League
Password: curtisjackson
I usually hate the DH rule with a passion, but it actually makes sense here. So, no draft lower limit. You do have to field a team with a player listed at every position. (I think this will be more fun and take more skill than letting HAL fill in the lineups of a team full of catchers, for instance) You must fill in a lineup card for both left and right handed pitchers. Weighted waivers, 20% drop (like that matters). Transactions allowed.
You MUST play to lose all season long. For this to be fun, we really need to all agree on this one point.