In my madness, I dreamt up a new format for the discerning fantasy junkie: Dynacap. We wouldn't even have to change the initials of our league.
League Launch
This would be, for the most part, a standard auction draft. It would be fantastic if we could get together (Skype in the out-of-towners) and wage the bidding war in one afternoon. If not, I would email a list of 10 players at a time, and conduct a blind auction in chunks. In either case, we would simply run down the ADP list at the time we draft.
There are two factors that would vary from standard auction.
1) The budget would be determined by the actual NFL salary cap. It is $143 million for 2015, so if we had launched it this year, your budget for the season would have been $143.
2) However, you can break your bid over a number of seasons. e.g. Andrew Luck $100/5 years. Only $20 would apply for the upcoming season, but you would be on the hook for $20 per year for 5 years. Whoever bids the fattest contract acquires the player. The minimum bid is $1, and the maximum number of years is 5.
Once we're underway, I'd maintain spreadsheets with each team's contracts.
Free Agents
The waiver system will have to be conducted manually. I would set up an email address, and you'd submit your Free Agent claims. I would not read these emails until the preordained time. There are no waiver priorities; whoever offers the biggest contract would acquire the player.
After Free Agents clear waivers, you may pick them up for the minimum ($1 per season) via the same email. I would check time stamps to see who was first in the event of conflicting claims.
Drops
You can drop any player at any time. However, you would still owe them their salary. Their contracts would remain on your ledger as "dead money".
Trades
As always, all assets are fungible. Players may be traded along with cash/dead money. Let's say you have Marshawn and you owe him $45. You could trade him for DeAndre Hopkins who is on a $15 contract. You could demand your trade partner take on the entire $60, and you'd be getting Hopkins' services for free. You could even trade a player away for no benefit other than your trade partner picking up the contract. Whatever combination of assets that work for the involved owners can be moved.
Cap Management
If you run out of cap space, you cannot spend more money (which you will need for bye week fillers/injury spot starts). You could trade to free up cash, as described above. However, the more flexible method would be to adjust payments on your contracts.
You may backload a contract. Let's say you owe Arian Foster $10 a year for 3 seasons ($30 total). You could shift the payments to $5, $5, and $20. Year 3 will be a severe pain, but you would free up money for immediate use. [Edit: I'll have to work out a percentage to prevent owners from $1 seasons, piling up the backload to abusive extremes.]
Or you could do the reverse. As the season winds down, if you find you have a surplus, you could frontload a contract to pay it down quicker.
Expiring Contracts
When a contract expires, that player is returned to the Free Agent pool. The one exception is the Franchise Tag. Each owner has one Franchise Tag, which guarantees a one year contract extension. The player is paid the average of the top 3 players at their position. For example, let's say you're about to lose A.J. Green because his contract is expiring. You decide to Franchise Tag him, which ensures that he remains on your roster. I would check the 3 highest average salaries for WRs in our league, and you would owe Green the average of those 3 salaries.
Rookie Draft
At the beginning of the next season, we would conduct a rookie draft. The team with the worst record from the previous season would draft first...so on. You would owe that rookie whatever his actual NFL contract dictates. For example, Todd Gurley recently signed a 4 year contract for $14 million. You could front or backload that $14 over the next 4 seasons however you please, but you'd owe that $14 whether he panned out or no. (If he works out, that could be quite the bargain.)
Free Agent Draft
After the rookie draft, we would conduct another auction draft for available free agents, including for players whose contracts had just expired.
There may be other minor details to iron out, but that's about it.