DraftDay.com is a new fantasy sports site operated by the guys from CardRunners.com which I was a member of prior to Black Friday. The site allows you to compete in tournament style fantasy sports but rather than over a course of the season, these are one week tournaments. They run sort of like poker tournaments, with a buyin and prizes based on total scores. This allows large prize pools, with a small investment, financially and timewise. Players can easily transfer funds through paypal, credit cards, or paper checks. The site makes money by taking a portion of the total prize pool as rake. All player money is held in segregated accounts and the site is fully legal under the UIGEA.
There is a salary cap, set by the site, and a salary for each player. You pick 1 QB, 2 RB, 3 WR, 1 TE, 1 K, & 1 D/ST for football. Points are scored in a standard fashion, and your overall score is your score for the tournament. There are also MLB tournaments available and NHL and NBA will be available during the season.
The software seems pretty smooth and user friendly. Also, check out the "Perfect Lineup" promotion, which could potentially net a lucky man $1 million.
Sign up is simple and there is a freeroll tournament with $100 in prizes offered. I assume structures will be good and fair, since this is run by smart poker players, who understand what is needed to keep people playing. Large fields as well as headsup and private tournaments allow for a variety of exciting ways to play.
Sign up here.