OLE VAG' LEAGUE CONSTITUTION

Overview

The OVL is a fantasy football league designed to create a realistic ownership experience for each franchise owner. We will utilize a “keeper
league” format including multi-year contract extensions and franchise tags, as well as a college football farm system, and a playoff format
continuing throughout the NFL playoffs.

Ownership fees will be $150 per franschise per season (sharing ownership between two or more individuals is permissable). NOTE: should
league dues not be paid by the end of Week 2, each offending owner will be fined $10 FAAB each week until dues are paid.

We expect that owners make a four-year commitment to the league at the time of joining. Should a franchise owner elect to leave the league at
any point following their original four-year commitment, that ownership team, together with the Board of Directors, will be responsible for finding
a suitable replacement. Any change in ownership must receive unanimous approval of the League. The new owner would retain any and all
assets owned by the previous ownership group. Should the League approve the sale of a franchise to a new ownership group, 40% of any
payment received by the outgoing franchise owner as payment for the franchise rights will be payable to the League as part of the League's
profit sharing agreement. Funds held by the League will be dispersed to members via direct payment, league dues rebates or in-season
payouts at the discretion of the the Board of Directors.

For any custom league rules not described here, such as the weekly scoring system, see the ESPN.com league page for details.

Auction Draft

The annual draft will be an auction format, held at some date leading up to the start of each NFL regular season. Each franchise will maintain
a base auction draft budget of $200 million (w/ $1 representing $1 million); franchises may enter each draft with more or less than the base
budget if "draft money" is either given or received as consideration for a league transation in prior league years. The draft will consist of 15
rounds, with each franchise having the opportunity to nominate one player for bid in each round. Unlike the standard “snake” format, each team
will not necessarily draft a player during each round, but could draft one or more. Who is drafted, and when they are drafted, is up to the
discretion of the owners, and how they chose to allocate their budgets.

Roster

Rosters will be comprised of 15 players, including 9 starters and 6 bench players. Starters for each week's matchup are as follows: QB, RB,
RB, WR, WR, RB/WR/TE, TE, DEF, K.

Farm System

Each franchise will maintain a farm system where players will be held and developed prior to entering the NFL. The farm system draft will be
held via email at some date between the Super Bowl and the NFL draft. The farm system draft will consist of two rounds in standard draft
format, ordered in reverse of the prior OVL season final standings, with the last place franchise drafting first in each round, and the first place
franchise drafting last in each round. Any college or high school player is eligible for the draft, including any player who may not be eligible, or
chooses not to enter, the upcoming NFL draft. Drafted players will be held and developed in each franchise's farm system until they are eligible
for NFL play. Franchises will be awared two farm system picks each season, but are allowed unlimited farm system players and draft picks,
which may be acquired through trades with other franchises.

In the year each player declares for the NFL draft, the franchise owner will have until a short period prior to the OVL auction draft to declare
whether each farm system player will be added to their active roster, or be cut and added back to the pool of available players. Each rostered
player willl have a standard Year 1 contract of $1, and will fill one of 15 roster spots. Following their first year of NFL play, farm system players
follow the same draft/keeper rules as all other players.

Franchises will be allowed to add to their active roster an unlimited number of players from their farm system prior to each season's draft,
however, if a draft-eligible player is not added to the owning franchise's active roster, that player must be released and added back into the
league-wide available draft pool.

Regular Season Format

Each team will play 16 regular season matchups, spanning from NFL Week 1 to Week 16, using a head-to-head scoring system. The top 5
regular season teams will qualify for the playoffs, determined by overall record, then total points scored, then head-to-head record and finally
total points in head-to-head games.

The regular season schedule will be based on a 3-tier system, dividing the league by previous year's regular season standings. Each team will
play the other 13 teams one time, and then will play a rematch against one team from each tier, to theoretically balance in each team's strength
of schedule.

Trades and Other Transactions

League members will be afforded the flexibility to make any transaction within the structure of the league (meaning no offering outside cash,
etc). There is no trade-veto process by league members, but rather a review of each transaction by the BOD. Transactions will only be vetoed
or questioned if collusion is suspected, in which case each franchise involved will have their league membership up for league vote. A 3/4
majority would be required for transaction veto and league expulsion. In special cases, generally related to trade structures which are new or
questionable in nature, the Commissioner can issue a Commissioner's Decision which serves to rule on whether transactions are in the best
interests of the League. An appeals process is available following CD's, which will be overseen and ruled on by the Commissioner. The trade
deadline will be 12 pm on the Thursday of Week 12 of the season. Trades will open back up upon completion of the league year.
Playoffs

The OVL playoffs will be held throughout the NFL playoffs, including the top 5 regular season finishers, determined as described above in
Regular Season Format.

Upon completion of the regular season and determination of playoff qualifiers, an auction re-draft will be held to determine playoff rosters. Each
team will be allowed to keep unlimited players from their regular season roster at a cost of $10 re-draft money per player. Remaining roster
spots will be filled via the playoff re-draft. All players on NFL playoff teams, except for those already kept by other playoff qualifiers, will be
eligible for the playoff redraft.

Playoff rosters will be comprised of 12 players, including 9 starters and 3 bench players. Starters for each round of NFL playoff games are as
follows: QB, RB, RB, WR, WR, RB/WR/TE, TE, DEF, K.

Rosters will be set on a weekly basis, similar to regular season play, however, the OVL playoffs will be judged on total points scored throughout
the playoffs rather than the head-to-head format utilized for regular season play.

The playoff draft will be in auction format, with each playoff qualifier's auction budget being determined by their regular season finish as follows:

1st place $ 120

2nd place $ 115
3rd place $ 110
4th place $ 105
5th place $ 100

All player transactions during the OVL playoffs are for OVL playoff purposes only, and have no impact on OVL regular season rosters or
keepers.

Keepers

Each franchise will be allowed the option to keep up to three players per season from their pre-draft roster (in addition to unlimited farm system
players). Keeper contracts are pre-defined, based on the player's original auction draft value, free agent, or farm system status. Following the
Year 4 contract, franchises are allowed the option to sign a player to a franchise tag for as many seasons as they wish. Pre-defined contract
values are shown below:

Year 1 Auction draft value ($1 if added via free agency)

Year 2 Year 1 contract + $10
Year 3 Year 2 contract + $15 (must keep for 4th year; i.e. 2-year guaranteed contract)
Year 4 Year 3 contract + $5 (guaranteed with Year 3 contract)
Year 5 + *See below for description of franchise tag contract calculation

Note: players who were drafted, subsequently dropped and then added in free agency, maintain the drafted value for keeper contract
calculation purposes.

*Franchise tag contracts will be based on the GREATER of the following: 1) the average salary for the five highest paid players at the
corresponding position based on previous year's auction draft and keeper values, or 2) 120% of the player's previous year's salary. **For
contract value calculations, see Franchise Tag Tool on League Summary Spreadsheet already in your email inbox, but also available by
request from the OVL BOD.

Oden Lloyd Memorial Trophy

Each year's champion shall earn the right to hold the Odin Lloyd Memorial Trophy for one year, as well as have their team and owner's name
inscribed on the face of the trophy at the last place franchise's expense.

Payouts

100% of league dues will be paid out to league members through a combination of payouts based on weekly high point total and season finish
as follows:

Top Weekly Scorer

Weeks 1-11 $ 40
Weeks 12-16 $ 50
Season Finish
1st Place $ 710
2nd Place $ 400
3rd Place $ 200
4th Place $ 100
Total Payouts $ 2,100
 FAQ's

Q: What does it cost to keep a player in Year 2 who I picked up in Year 1 on free agency?

A: Year 1 free agent (FA) contracts are valued at the minimum ($1). Therefore, players picked up in free agency in Year 1 are allowed to
be kept in Year 2 for $11. “For example, let's say you drafted Miles Austin for $1 in 2009. You get him for $11 in 2010. After 2010, you
can either let him go, or sign him for a guaranteed two more years ($26 in Year 3, $31 in Year 4.) But here's the catch: let's say he gets
hurt in Year 3, goes in the tank, whatever. You're stuck with him in Year 4. You signed him to a two-year deal! Even if you waive him, that
$31 stays on your cap. So really, you're dealing with the same cap risks as a real NFL team.

Q: How does the keeper rule affect possible trades?

A: "Here's where that keeper wrinkle goes to another level: Let's say I steal Ben Tate for $6 because everyone else runs out of money.
Tate goes bonkers in Houston and passes 1,000 rushing yards by Week 8. I'm fighting for the title with two other owners and need to swing
a blockbuster deal for a stud QB because my Matt Leinart/Jay Cutler combo isn't quite cutting it. My buddy Sal (1-7 and headed for last
place) has Brees and Rice, so I offer him Tate and Cutler for Brees and Rice. For me, Rice matches Tate's numbers and I get the massive
Brees upgrade. For Sal, he gets a fantastic keeper (Tate at $16 in 2011). Everyone wins.” - Simmons

Q: What can be included in trades, aside from straight player for player?

A: Anything within the structure of the league is fair game for including in trades. This would include, but is not limited to the following:
players, future auction draft money, present year/future FAA money, future college draft picks, players already drafted in the college farm
system.

Q: Is the following type of transaction allowable: let's say we got into the bye weeks portion of the season and I have 4 RBs active one
week, but only 1 WR, and another owner has the exact opposite problem, 4 WRs, 1 RB. Can we make an agreement to swap players for
one week, and then swap back after the week?

A: Under league rules, this type of transaction would not be allowable. All trades involving movement of players from one roster to another
must take effect immediately upon agreement to the transaction. (See Commissioner's Decisions against 1. Hager/Otte (2011), trading
Aaron Rodgers for the future rights to keep Rob Gronkowski, and 2. Denker/Volkmer (2014), trading Julius Thomas for future draft money,
but reacquiring Thomas for keeper purposes at the season's end.