I'm only in one. I used to be in multiple leagues, but then about 5 years ago I was asked to join a Dynasty League. This league is very complex. It is a 12 Team H2H, Auction Draft, Salary Cap, Dynasty League with a 10 player Minor League Roster (and a separate minor League Draft) and 23 player Major League Roster.
There are Non-guaranteed, Guaranteed, and Restricted contracts that you sign all of your players to and players can be called up from your Minors when they are eligible. There are cap penalties associated with dropping players on Guaranteed contracts while player on Non-Guaranteed contracts can be dropped with no penalty. Once a player reaches your Major League Roster, there is the possibility of "keeping" him for up to 5 years - 2 years on a Non-Guaranteed contract + 2 years on a Guaranteed contract + 1 year on a Restricted Contract. You have to pay extra from your cap to re-sign a player from his Non-guaranteed to Guaranteed contract. The Restricted Contract is optional and you have to pay extra for that and then every year there is a Restricted Auction where owners can bid on the restricted players and the current owner decides to match to let the player go to the winning bidder. Once a player reaches the end of his Guaranteed or Restricted contract, he goes back into the player pool for the auction.
If this sounds complex, it absolutely is. But it is awesome! However, it is very time-consuming and all other leagues just seem boring to me. That is why I have been in only one league for the past 5 years.
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