Dang! Back in late 2004, early 2005 a colleague and I were kicking around ideas forn an online project with a major media concern. One thing that came up was fantasy leagues for folks who don't like sports, e.g. a Red Carpet Fantasy League for spring awards season. Minor details about team composition and scoring to be determined. Granted it's not a uniquely brilliant idea, but I hadn't seen anyone execute it online.
Enter Erica Salmon's Fantasy Fashion League. You draft major designers and scoring is based upon appearances in major fashion rags like Women's Wear Daily and Vogue. They're even planning for next year's Oscars!!
My only suggestion would be to make the leagues and partcipants a little more visible. Half the fun of these things are seeing what's happening in other circles besides your own. A little egoboo and exhibition play can help fuel a community.