A new American football league, the United Football League, is in the makes and is discusssed by The Sports Economist. While there isn't a stadium in Toronto big enough to hold an NFL team, the Canadian Dollar is high enough now for someone to consider a franchise.

I do note, however, that the problem with a new league will be the available talent at the skilled positions. In the NFL there are few stud quarterbacks, and those studs are payed quite well. Nothing gets a new league in trouble like a huge salaried rookie quarterback.