Our league has been running for about five years. We have two openings.
In a nutshell:
We're a 12 team league, basically no salary cap. We play two seasons per year Each league team is based on an MLB franchise and gets exclusive use of all players belonging to that real life franchise. In addition each team drafts 26 "free agents" - drawn from the 18 non-league clubs
Prior to our Season A each year, teams get to protect 12 of their free agents and we draft back up to 26 before the season begins.
Prior to Season B, teams get to protect 18 free agents and we draft back up to 26 before the season begins.
There are additional machinations involved, I'm happy to share all the gory details to anyone who's interested.
The two available teams are the Chicago White Sox and the Atlanta Braves.