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Leagues can consist of anywhere from 4 to as many as 20 teams. There are three major types: redraft, "keeper" leagues, and dynasty leagues. In a redraft, each owner starts with no players at the beginning of each season and drafts an entire fantasy team. Each owner in a keeper league is allowed to retain a small number of players they owned during the previous season, eliminating these players from the draft, while each owner in a dynasty league is allowed to retain as many players as desired from the previous season, with the draft encompassing only rookies and other unowned (or un-retained) players.

If Bill Winkenbach is the origin of fantasy http://www.fantasysportsday.com/football football, than the team of Michael Rand and Joshua Schnell are its ambassadors. This duo, known in fantasy circles as "P-Squared" did for the fantasy game, what Lawrence Taylor did for the real game. Credited with innovations such as the double defense strategy and the tiered ranking system these two brought a game formerly played by a select few, to the forefront of American culture. Their aforementioned concepts, in addition with newer developments such as the "QB can wait" strategy and the "boot" penalty have changed the game from what it was, into the institution it currently is. The two main types of competition formats are 1) Head-to-head, with weekly games played against specific opponents (much like in the NFL), and 2) total points, in which cumulative points during the season determine winners (or playoff teams).