I am the commissioner of a 14-team dynasty league hosted on Yahoo with its' offseason run on Proboards. There are no contracts, and the wrinkle with this league is that each owner must represent a Major League organization. For example, I represent the Athletics, and to do this I must carry at least 6 players on my major league roster that are currently on the Athletics at the end of each season.
We are looking for 3 replacement owners as the previous owners have decided to move on for a number of reasons. You can find our proboards page here: http://nszdynasty.proboards.com/
It also contains our rules, and our league history. If you are interested or have any questions, please take a look at the proboards page, and email me (my email address is in my profile, which you can reach by clicking my name). My hope is for us to have the remaining replacement owners lined up in short order, as we would like to start our minor league draft soon.