Season rollover is planned for the near future (6/7/08), as Plague pointed out, and there are a couple of really good teams available! I was very surprised to see a couple of the defections. I have invited some new owners on a first come, first serve basis, so do your best to sign up promptly.
Truthfully, almost none of the teams available are THAT bad, this is a pretty competitive league. Two of the teams are pretty crappy, but other than that ... it is wide open!
Sitemail me for the password if interested.