A new league of legends community/Tournament

We are in the process of making a U-Plat league, platinum 1 and below . The league will consist of 6 teams which will face each other once during the regular season. Season games will be best of 3s. Top 4 teams will make it to playoffs to play semi-finals and then finals which will be best of 5s. The prize pool will be $50 in Riot Points to the winning team of the finals. If 8 or more teams apply to be in this league there will be a play-in tournament in which all eight teams will face off, only the top 6 will make it into the regular season. The other teams left out will either have to wait for season two or get lucky if a team drops or is disqualified. Come bring your teams' and let us see if you have what it takes to win the prize!