This is where you can view the league you are in. There are 10 teams in a league and it's a double round robin where every team plays the other team twice. If a team reaches the top of their division at the end of the season they get promoted to the next division. There are 7 divisions that funnel into a single top division. More than one player can be demoted from a division, this is because there are a greater number of leagues below than there are above.

You gain a prize for winning League games, at higher divisions you also gain a smaller amount for losing as a standard fee.

At the bottom of the page there is a small forum which is available for your members of your league to see.

Leagues funnel up to the top, there is 1 First Division, 4 Second divisions, 16 third divisions, 64 forth divisions, 256 fith divisions, 1024 sixth divisions and 4096 seventh divisions. 4 players are relegated from divisions 1 to 6 at the end of the season, 1 player from division 2 to 7 are promoted form each division to take their place.

Prize money for winning a league game is determined by the. (10 - division) x 1000, so a team in Division 7 will earn $3000 and division 1 will earn $9000.

Division # of divisions Total players Prize
1 1 10 $9000
2 4 40 $8000
3 16 160 $7000
4 64 640 $6000
5 256 2560 $5000
6 1024 10240 $4000
7 4096 40960 $3000
Total 5461 54610

One of the devs had this to say[1]:

After the fist season all divisions from 1 to 7 will be seeded according to your hidden ELO or CPI (we are still thinking which one we will use) not by your league spot. After the 2nth Season when we are seeding for 3th Season then the league positions will start to matter. In the first season when you rank high in the league you will have a better spot in the Mid Season Tournament and receive an Achievement.