Here's a good read on the basics: http://sports.espn.go.com/fantasy/fo...k2k10howtoplay

Cash can be involved... $5, $20, $50, $100. Doesn't matter. Winner takes all or $X for first place, $X for second, etc.

Given that it appears to be the first time playing for many, I suggest a low buy-in or just playing for bragging rights. From my experience, though, the only downside with this is that some lose interest half way thru season and just stop playing.