I never save anything from year-to-year, but below is the description of last year's version, along with the Finals result.
For the last several years, we have done an Alumni League that we try to coincide with March Madness. We have used a different theme every year. This year's theme is: After selecting a College, you may add 1 US and 1 non-US born player who never attended a US College (according to the link), using a season where their salaries are under $6,000,000. You may also add any 2 "filler" players, with salaries under $600,000. To try to keep the court level, the 8 Colleges (UCLA, Kentucky, North Carolina, Indiana, Duke, Louisville, Connecticut, and Kansas) that have won 3 or more NCAA Championships may only add the US OR the non-US player, and only 1 of the fillers. Each College may be used twice, with like schools in different Conferences. Alignment as geographical as possible. $44 million cap, no WW, Clones or Rookies.
http://www.basketball-reference.com/friv/colleges.cgi
LEAGUE # NBA46735 (please do not enter without signing-up)
For future reference, Houston defeated Oklahoma in the Finals.