Since 2002, a group of 10 super rich hedge fund managers assemble each Fall to do battle in one of the world’s most secretive and exclusive fantasy football leagues.

There is a $100,000 entry fee for each of the ten teams, with $600,000 going to first place, $300,000 to 2nd and $100,000 for third. Amazing. Although they probably just refer to it as a “friendly wager for a pittance amongst gentlemen.”

They all claim the winnings are donated to charity each year, but in the WSJ article they’re a little sketchy on the details of which charity. Not to call them out as liars though, because who would want to give EXTRA PUBLICITY to a charity by mentioning it by name in a major news publication? Gosh!

Here are some of the big names involved in this:

The league includes Paul Tudor Jones, the legendary trader who helped build the hedge-fund industry; Raj Rajaratnam, the Sri Lanka native who founded Galleon Group, one of the world’s largest hedge funds; Chris James, the head of Partner Fund Management in San Francisco; Jim Pallotta, a former associate of Mr. Tudor’s who is part owner of the Boston Celtics; and Michael Novogratz, a former U.S. Army helicopter pilot who is president of Fortress Investment Group, the publicly traded firm that says it manages approximately $35 billion in assets.

Stanley Druckenmiller, the 55-year-old founder of Duquesne Capital, who recently made a bid to buy the Pittsburgh Steelers, was one of the fantasy league’s original members. When he quit the league before this season, his spot was taken by John Griffin of Blue Ridge Capital, a protégé of hedge-fund titan Julian Robertson.

My favorite part of this whole story? Listen to how they describe how the actual draft went down:

Owners who are out of town at the time participate by teleconference. Those who attend in person bring extensive notes and enter their draft picks on laptops while eating catered sandwiches.

Catered sandwiches?!?! These guys are gods among men! What I wouldn’t give for a catered sandwich right now. I bet the turkey ones were everyone’s favorite.

Some of the revealed fantasy team names:

Boston Attitude (just bought a mansion in Weston, Mass.)

London Calling (manages British division of a company)

Tennessee Studs (from a Memphis Native)

WSF: Wall Street’s $1 Million Fantasy League, October 17, 2008 via Business Sheet