I'm a long time player of Mendoza Baseball (www.mendozabaseball.com), a small community of hardcore fantasy baseball enthusiasts. Its got a very different setup to the typical yahoo league, in that you earn revenue from wins as opposed to jackpots.
We use runs created by batters, runs prevented by pitchers, and runs prevented by fielders to come up with a win-loss record. Depending on how many wins you have and what place you are in the standings, you get a certain amount of revenue. Even last place earns revenue.
What makes it interesting is that it allows for different ways to play - you can choose to spend to the cap - I think $195 - or you can play Royals ball and spend $95. The possibility is that you would lose money coming in 2nd place with a team at the cap, and you can make money coming in 5th place with a low-cost team.
We have an annual auction, maximum three year contracts, although players stick with you through their arbitration years (we have an arbitration engine). You draft up to 5 minor leaguers a year.
If you wander over to Mendoza website, we are the Frisch league. Lots of severe trash talking, but a good bunch of guys.
The site is run by a guy who codes and likes baseball.