For its proposed 2008 season, the AAFL established six franchises, all but one of which were located in the Southern United States (Team Michigan being the lone exception).

The league was unveiled at a press conference in New York City on July 26, 2006, with Cedric Dempsey, former president of the NCAA, as its chairman.

The rest of the league's Board of Directors included various well-known sports and private industry individuals.

The league signed agreements from a specific, manageable target list of football tradition-rich universities and prominent stadiums which would host games during the spring months.

Later, however, the league announced that "During its initial season, most players will be paid $5,000 per game plus benefits, slightly higher than the salaries of the now defunct XFL.

The AAFL released its schedule in October, 2007, with the April 12, 2008 games consisting of Alabama at Florida (at Jacksonville), Arkansas at Texas, and Michigan at Tennessee.

The league press release added that "All fans who have purchased tickets to 2008 AAFL games will receive a full refund.

In August, the sub prime mortgage crisis began spreading into other sectors such as municipal bonds and federally guaranteed student loans.

Despite the fact that the Federal Reserve has repeatedly lowered interest rates during this financial crisis, their efforts have not yet restored liquidity in many asset backed markets, including municipal bonds and student loans."

Even after the cancellation of the 2008 season, the league still said they had reached an agreement in principle with NFL Network to carry games once play commenced.

A diverse group of leaders from within intercollegiate athletics was to have served as the board of directors: The AAFL Draft took place in Atlanta on Saturday, January 26, 2008.

[11] The first player selected overall was Zarah Yisrael, offensive lineman from Troy University, who was picked by Team Arkansas.