Slight update to league settings:
I changed the pitchers from 2 SP, 2 RP, and 4 P to 4 SP and 4 RP, in order to simplify things. Also added a bench spot (now 6 total) and DL spot (now 3 total).
In case you're interested, here's how the innings limit (1250 IP) breaks down:
You have 4 starting pitcher spots (SP) and 4 reliever spots (RP). You can use the six bench spots (BN) any way you want, but most people choose to use at least one or two for extra pitchers.
Let's say you use one BN spot for another starter, giving you 5 starters and 4 relievers. An rough average number of innings for the year is 200 for a starter and 70 for a reliever...
5 SP x 200 IP = 1000 IP
4 RP x 70 IP = 280 IP
Total = 1280 IP
Yahoo standard is 1250 IP, so that's what I went with.
Now, a few pitchers will go over the averages, but a lot will go under (due to injury, benchings, etc.). So often people will use another BN spot or two on an extra pitcher or two. It's all up to you what you want to do (you can carry only starters if you want, but I don't recommend it). The important thing is you can't go over 1250 IP for the year.
I expect this post will generate some questions. Ask away.