United States Professional Poolplayers Association (UPA League of Champions)
I have played in 4 sessions in the UPA, both in 8 Ball and 9 Ball. Personally, I love the format. My only other experience in leagues is in the APA (9 Ball).
UPA matches are races based on handicap. It's been a little while so I forget exactly how the races break down but IIRC, me as a 6 would spot 1 or 2 games to a lower speed player in a race to 4. Against a 9 or 10, I would get about 1 or 2 games in a race to 5. There are not many low-speed players in the UPA around here. Much higher level of play than in the APA, at least in the Atlanta area.
Your stats are tracked much more in-depth than in APA with categories that show your OS (Official Speed), AS (Actual Speed - the speed you're currently playing at, which may be higher or lower), win %, shotmaking percentage, successful break percentage, foul percentage, misses per game, and Strategic Intelligence Quotient (I don't know exactly how that's measured). All those factors are weighed in to determine your OS (Official Speed), which does not fluctuate as rapidly as in APA. In fact, I don't believe it ever goes down, except in very exceptional situations.
During the course of scoring, many factors are recorded that would factor into your AS and SIQ including any safeties, slop shots, misses, fouls, intentional fouls, and legally pocketed shots. Scoring is easy too so it's really cool that it gets that deep in a manageable way.
There is a cash award for at least the top 2 teams in each session, and the winners of each session are invited to play in National Qualifier tournaments (3 per year) to determine who goes to Vegas for the National Tournament. Cash can be won in the Qualifier if your league operator structures it that way, and is definitely a prize at the Nationals.
It is much more likely that you will win cash in the UPA than the APA. The UPA doesn't pay for your trip to Vegas though. I'm actually getting back into it next week after a hiatus for a couple sessions. Trying to decide if I'm going to play Monday 9 ball or Thursday 8-Ball. Thinking 8 Ball though. I'm sure I'll remember more so I can update later.
If anyone else would like to chime in on the UPA, please do. In the meantime, here is their website:
http://www.upatour.com/
This is our local site as well:
http://upa-atlanta.com/Welcome.html
I enjoy it much more than I did the APA. Just as social, higher skilled players, and a greater likelihood of taking home some cash at the end of the session.