So here's my thoughts so far after reading everyone's comments.

1) We'd make this a monthly promotion
2) The captain has a to pay an extra fee to create a team (He wins a little more of the prize pool)
3) If you want to join a team, you need to pay "league fees" every month to contribute towards the prize pool
4) If you are drafted to a team and accept in mid season, you to pay a fee
5) There is a captain of the team, he's responsible for recruiting players for his team
6) The captain can fire dead beats who dont play
7) The team members can mutiny against the captain if he stops playing (Needs maybe 3?)
8) We will have league standings
9) There should be a maximum number of players per team
10) The last week of the month will be the monthly 'play offs'


Some initial thoughts I had:

Yea the teams can be unbalanced: Suck it up! Learn how to play poker and beat them!!!
Could we possibly combine this idea with the Call of Duty game I was working on? Would that be fun or just straight forward league play?