So after seeing how much fun rancer890 was having with Mike Magnum's re-imagined North America structure, I've decided to give it a crack myself.
After looking over the various possibilities, I've decided to "go home" in a way, and take the job at Detroit Arsenal, a semi-professional team playing in the fifth tier All-American Premier League. The squad is suitably crap, we're over the wage budget by about $100/weeks, and we're expected to finish 3rd in the league (board wants a top-half finish).
My ass man tells me we have the slowest squad in the division, so I'll run with a modified 4-5-1 (using SI's 4-5-1 formation where there's a DMC, 2 CMs, and 2 wingers). Really need to find some better players, but our current wage structure may prevent that. Fortunately, I'm a feeder club for Arsenal USA (based out of Chicago) who can loan players to me, as well as Arsenal FC (the London one ). The combined $130K in fees from them should help get us established and hopefully get us to a point where we can expand that wage budget.