twistd: Is it a Money League? If so, how much ($, $$, $$$)?
Is it a local in-person League of friends/acquaintances, or an online League of people you only know from FF?
There's a strategy-based reason I'm asking: I've been playing FF for almost 25 years, and in that time, outside of FBG-based No Mercy Leagues, I've only played in money Leagues, and so any advice I have to give is based primarily around the goal of winning money.
Whether you're playing locally or online, there's always some degree of uncertainty regarding whether or not a Dynasty League will continue, or disband, from year to year. Dynasty isn't for everyone, and, especially locally, after the initial gleam has worn off and some lukewarm Owners have dropped by the wayside, the pool of quality replacement Owners, already likely shallow, can dry up rather quickly, and a League can only shrink so much before it ceases to be viable. It usually takes at least 3 Seasons to see if a Dynasty League is going to 'make it' or not. In a free or low-stakes $ League, your primary investment is going to be time, so if a League disbands, it's not much of an issue. Your options are limitless, and you can certainly try to focus on young players/development and all the fun things Dynasty provides. However, when the stakes start getting up in the $$ or $$$ range, there's a significant financial risk involved with building a Team that can win money consistently (in terms of the # of Seasons this might require, depending on how well you do in the inaugural draft/auction), and nothing sucks more than starting out 'in the hole' or digging one that requires a significant amount of money (seasons) to dig out of. When involved in a $$ or $$$ start-up, my primary goal would be treat Season 1, and maybe Season 2, like a redraft League, and channel your energy into winning as much money right out of the gates as possible. You can scoop productive, older Players at bargain prices as everyone chases all the hot young unproven/flash-in-the-pan talent, while you 'win now'. So, in a worst-case scenario, if the League disbands after a few seasons, at least you have something to show for your efforts. Meanwhile, if the League lasts, you're in the catbirds seat for building a real 'dynasty'- most Leagues I've been involved in, the payout for Championship or Runner up is equal to several years worth of Entry Fees. You pocket that kind of cash in Year 1 and Year 2, then hold a 'fire sale' of all your veteran assets to build up your war chest, and it costs you nothing out-of-pocket to put a 3-5 year plan in place to build a proper Dynasty from the ground up that will be a long-haul consistent winner.
Good Luck...and if possible, encourage your League to use an Auction Format for the initial disbursement of Players. Not only will it allow each Owner access to every Player, and uniquely build a Team based on their own personal goals and strategy, but if you choose to follow my advice, you have even better odds of constructing a veteran-laden team that can crush the first few seasons, because most Owners will place way too high a premium on rookies and young players and waste their money on building a developmental Team as opposed to one designed to 'win now'.