I'm thinking it would only work if there was some sort of "currency" involved, so that players weren't playing for free. Salary caps would be in place for teams. Setup a site that could take care of invididual players and teams so that salaries could be awarded to players who would in turn exchange them for something lke @eR33t.com E-mail addresses, or perhaps something people would actually want. But without any sort of reward, players won't use it, even if it does bring fun to the community for others. Also player transfers, performance bonuses, all that good stuff that makes up professional sports could be implemented. Problem with this is that players might not be keen on it(fornal isn't getting my eR33t guys ;]), and a committee would definately need to be formed in order to govern the system.
Anyways let me know what you think, a few others and I have brainstormed the topic before, and it would work out great if the community could work together and co-operate.
-XBain