We have a few open teams in a mature dynasty league that is very active. We have a dispersal draft for two permanently open teams but other than that, you own all your team's minor leaguers in the real life team minus trades/waivers/etc.

I am the Indians and a TAB member there, just post if interested or PM there. Great league!

http://schoolyarddynasty.proboards.com/index.cgi?action=display&board=rules&thread=19&page=1