The league has been created. The maximum number of teams has been set to 9, with each of us playing each other once. That means there will be 8 regular season game per user. The reason for this is because, when choosing how many times each user will play every other user, there are only odd numbers available. I wanted to use CG's suggestion of 2 games against each user, but the options available were 1, 3, 5, 7, 9, and 11.
To join, simply search the leagues for TSM NFL 2008. The password is "smartmarks".
Settings:
Quarter length- 5 minutes
Difficulty- All-Pro
Trades- On
I will add this information to the original post as well.