I had a similar idea, which I tried with great success in a Portuguese forum some months ago.

It would be you guys (And me) making squads with a given budget (170.000.000 € in my experiment), with the maximum value of the player being bought (You can't buy a player with a starting value bigger than 17.000.000 €) and buying a manager for the teams.

The team you'd control would be from the league where we'd all be playing in and then I'd post screenies on how the teams were faring.

We'd simply be the presidents of the clubs with the only power to fire managers and hire new ones.

In my experiment, it was all done in the Portuguese Liga, where 13 users of that forum formed squads and hired managers with the given budget and I posted screenshots on the fixtures and gave small updates on curious things on important games (Such as european games and derbies).

The winner was the guy who formed the team for "Rio Ave", whose manager was Silvino Morais (Which is an assistent manager in the game). It was pretty fun. The one who controlled Benfica won the Europa Cup and the guy who controlled Sporting ended up going to the Champions League final and lost to Chelsea.

Obviously, we are much fewer, and provided you guys would be interested, we'd each take control of the lowest English Premiership teams, for instance, and play for two seasons.