You have a league of X amount of people. You have a draft day where you go through the group picking a player. You have X amount of slots to fill on Offense (some leagues have D slots too). You generally pick more players than you have slots. And then you sub your players in and out throughout the weeks as your team is matched up against the other player's teams.
Each player is given a score (based on some stats formula I don't personally know) and your team is more-or-less the sum of your players scores. Also, different leagues have different trades rules for mid season.
Not too complicated. Of course... I think my team went 1-15 this year :(
(I had McNabb as my QB. ooops.)
― Mordechai Shinefield, Monday, 7 January 2008 09:24 (seventeen years ago) link