This would be a nice idea - but my first thought - Rules of USBC say no gambling involving bowling correct? Also like Baroncad said gambling across state lines, I'd be afraid to even take that step.
We do a house bracket each week - it's kinda the same idea, but it's all local in house - and we have a running house jackpot (not league based)
Sounds like you'd need an attorney to help sort out the legality here, watch the USBC - since they have that new building in Texas, they may want a piece of your ideal too to cover even less lifetime awards
(yes - just a small shot at USBC)
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