I am helping our commissioner recruit. I've played in a few leagues (mostly draft & hold) with him and he's a very intelligent fantasy player. Now retired, he decided to put together a great set of rules for what should be a long-term, fun, fantasy baseball league. Details below.

16-24 teams, $150 annual fee, Fantrax Treasurer
Scoring is pretty standard 5x5 Roto: OBP, HR, R, RBI, SB, (W+QS), ERA, WHIP, K, (2xS+H)
60-round Inaugural Draft beginning January 12th. Slow draft. Combined MLB/MiLB.

Unique/Interesting rules:
20% of the prize pool is carried over each year, creating a gradually increasing pool. 1st place in season 6 will be twice the amount of 1st place in season 1.
Mid-season decision by all teams to play for prize money or draft position. Team finishing highest among those playing for draft position gets #1 pick.
Players acquired in the draft are keep forever. Players acquired via FAAB are 1-year (drop at end of season) contracts.
26-man Active Roster, no Reserve Roster, standard IL Roster. Everybody plays. No streaming except for minors-eligible (130AB, 50IP) players between Active and Minors Rosters.
Off-season Competitive Balance Draft. 2 rounds. Each team protects 15 players plus all minors-eligible players.
All players who are cut go through 2-day waiver period. If player clears waivers, he goes to waiving team's Minors Roster instead of the free agent pool (similar to DFA process in MLB). Makes him available to be recalled to the Active Roster.
Trades processed overnight each day. No vetoes.

Feedback on the constitution has been extremely positive from veteran fantasy players, including other dynasty commissioners.
Email jrsewall@gmail.com for a copy of the constitution and a league invite.