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I'm all for it if it's financially viable. That's been the problem with every alternative league. It has to make money. Maybe by limiting geography and teams it will constrain costs, but by limiting the age of these kids and the play calling, you are also limiting the competitive nature of the game, which is why people watch games.
I've always thought an off-season league comprised of teams in small southern markets without pro teams (Memphis, Jackson, Birmingham, Little Rock, Chattanooga, Greenville (SC)) might have a chance of being successful if you managed costs and made sure education was part of the package. I think the key is that it has to be competitive and entertaining. Nobody wants to go watch a bunch of bonehead DII athletes practice.
You also have to compensate according to value to pull in guys that might otherwise choose college or the stars are going to just take their benefits to sign with Bama or whoever. You aren't going to out pay the big boys. The total scholarship + extra benefits from boosters is a lot more than $50K.
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