I would be down for this, probably more in the $10 range, if it is up around $50 then no way I can afford it.
I think the payouts should depend on how many entrants we get, winner take all I think might be a little discouraging, especially if your team really sucks early in the season. I also like the idea of a tourney to do the draft order.
Anyway, I will watch for more details.