Season 1 of this theme worked well as a 24-team league, with two separate and distinct drafts.  The main difference between the last version and this version, is that I'm extending the years to include the deadball years (i.e., seasons 1901-1968).  But in an effort to prevent this league being dominated by deadball pitchers, I am instituting the following special rule:  Each team will be allowed to roster a maximum salary of $20 million in pitchers from the years 1901-1919.  Anyway, here are the rest of the rules.

1. Each owner chooses a franchise (not yet though).  The franchise draft order will be based on results from the previous season (see below for order).  The definition of franchise includes all team name and city variations (i.e., Brooklyn Robins, Brooklyn Dodgers, LA Dodgers are all part of the same franchise.  1901-02 Baltimore is not considered part of the Yankees franchise anymore). 

2. Each owner chooses five players from his selected franchise that he/she wishes to protect from that franchise (1901-1968) and submits that list via site-mail to me. Those players are the exclusive property of their respective owners.

3. After all the lists are submitted, they will be posted and a three round modified Rule V draft will be held, with draft order being in inverse order of each franchise's 1901-1968 cumulative winning percentage. (After a few more iterations of this theme, I will change the order to actual inverse sim league W-L%, similar to the current Rule V theme - need a bigger sample size).   During each drafting round, each owner drafts one unprotected player from a franchise other than their own. That player (associated with that specific franchise) is also theirs exclusively. No more than two players may be taken from any one franchise in any one round. Players from expansion franchises are not eligible to be drafted.  Players from the Federal League are not eligible to be drafted.  Players from franchises not selected are not eligible to be drafted.

4. At the end of the first and second rounds, each owner will choose an additional player they wish to protect. You will end up protecting seven in all, while drafting three. These ten players must appear on your roster. The rest of the roster is filled by players from your franchise during the given time period (1901-1968).

$120 Million Cap
No trades
No WW
No DH
No AAA
No Live play

No clones (same player, same franchise - if a player played for more than one franchise, he is available once for each franchise).  It is possible for one team to have two of the same player (i.e., I take Indians, protect Cle-Speaker and later draft an unprotected Bos-Speaker).
If a player split time between multiple teams in a season (as listed at WIS) his full season is available once for each team
Stadium must have been used by your franchise for at least one full season between 1901 and 1968

For those new to the Rule V fold:

There is much good-natured ribbing during the draft (we try not to be too player-specific, so as not to influence the draft, but sometimes the temptation is too much). Do not take it personally. Pick a draft strategy and stay the course, regardless.