The hardest part, I feel, would be balance. I doubt you'd ever find enough people to fill out teams player by player, but one writer to one team, that seems plausible. I personally think there would have to be some sort of attribute point system. Which of course is easier said than done, but without it, let's be honest. It'd be little more than X Number of teams that are all Pro-League and Nigh Unstoppable.
I'm sure with a few dedicated people it could have a fair system and be a great addition to the canon. I know at some point I do plan on having Neroba invest in Sports teams and events, it'd be awesome if they were live affairs instead of background fluff.