I don't know what league you were referring to, but if you are interested in the HFFL at http://holywoodffl.com
it is a 12-team "conference." It is a cumulative points league where teams will be divided up into individual conferences, the top team in each conference will win $1,000 ($850 cash & $150 free entry in next year's league).
It's set up so that you can play with your friends, then still have the opportunity to play for a large Grand Prize, (usually the top 6 teams) play in the final 3 weeks of the season.
There's also an open message board for trash talking, which is great. The top "trash talkers" will get an opportunity to be in a Fantasy Football Reality show for 2007.
Check out the website http://hollywoodffl.com
There are pages with instructions, prizes, rules, etc.