That's awesome about Elliot... seeing crazy runs like that happen is one of the fun things about doing a league. Since I've started back I've played nine events so far, six PPV/Fox cards and three Fight Night cards, the PPV/Fox cards have six fights and the FN cards have four.
The crazy things that happened in mine so far is that Champions are 0 and 6 so far. Lawler loss to MacDonald, TJ to Barao, Mighty Mouse to Dodson, DC to Gus, Dos Anjos to Cowboy and MacDonald to Condit. Of those I only won with Gus and Condit. I'm having a tough time finding the sweet spot difficultly wise. Hard seems a little to hard and Normal is too easy, especially on the ground. Hopefully UFC 2 has sliders to help with stuff like this, but for now I started using Random.Org to randomize my difficulty for each fight. Odd numbers are Normal and Even are Hard. I use Hard on all title fight though.
Me and a buddy of mine created a league in UFC 3. What we did was basically had a draft where we chose two fighters each per division. Those were the fighters that we 'owned' and the other person could never use them unless it came down to a title fight.
We would create some cards and if we won with a fighter then you could continue to use them until you lost with them. At the end of each calendar year you had the opportunity to trade a fighter that you owned with a fighter that you currently had a win streak with. We also had other rules like if someone got KO'ed or couldn't answer the bell, then they were suspended for six months. We would mix in a Pride Event every now and then too. That was some of the most fun I had playing in an online league...