Cuban is like Richie Rich - bored and looking for something to call his "toy". This "league" will sink lower than the Titanic. The XFL should be a good reminder of the superior product the NFL has.
The only way it would possibly work is if there is no salary cap and NFL players start jumping ship because of the money.
No matter what he does it won't be enough, Sundays is for Profootball, Saturdays is for college ball and Fridays is for highschool ball, no matter what or who Cuban tries to buy this new league is doomed.
What the hell are they thinking about?? Yeah, and that's why football is the greatest sport. Because of its rareness, because of the short seasons... Just go buy an AFL team if you're bored, Cuban.
What he should do is become a co-owner of the Toronto Argonauts in the CFL, they have been interested in adding a Toronto team to the NFL. Best case scenario he helps finance a new stadium to be built they build it and the city gets an NFL team, Worst case scenario he helps improve the team and product and turns a profit until he has a chance to get himself an NFL team or whatever. Makes much more sense than starting some new league that would be destined to fail.
While I'm not sure if this league can pass the test, I do feel there is room for competition against the NFL. The USFL proved that you can deliver a good product in the football (NFL) off-season and challenge the NFL for players signatures. There are some football markets out their the NFL hasn't taped into and enough none-NFL time to play in. The key is to not copy the NFL and to not aim too high too quickly so while I have doubts that this league can be a success, I do feel that competition to the NFL is not impossible.
Maybe Cuban could get some players from the defunct NFL Europe developmental league. Not really competition, just more football. Have it go on during the offseason on friday nights. And I definitely hope the NFL starts reaching across the border and gets some Canadian teams. They also need to tap Las Vegas, fastest growing city in the US.