That would be an interesting idea for a league if the league admins are able to make several changes to league settings.
Players may only be acquired through the draft. So:
* No trades
* No free agency
* No waiver wire
* No drops
Additionally* All players retire after 4 seasons (5 if redshirted)
* All draft picks have 5 year salaries starting at 1% of total cap, cannot be renegotiated
* Roster limit 72
* Active player limit 46
* 2x draft class size
* 16 picks per team per draft
* Randomized draft order to discourage tanking
Redshirted Players* Option to designate up to 8 rookies drafted in round 9 or later as redshirt before game 1 of the regular season
* Redshirt year does not count toward retirement
* If a redshirted player participates in a game, they immediately lose redshirt status and the year counts toward retirement