I knew the USFL is coming back in 2010, but apparently a separate league called the UFL is also starting.

Denny Green is one of the figureheads of the UFL who is trying to find a niche by basically picking up the NFL's scraps after their final roster cuts in training camp. Vick is being welcomed in basically the NFL's minors with open arms by Jim Haslett.
Haslett, UFL's Orlando franchise ready to welcome Michael Vick - The Huddle - USATODAY.com

The USFL is trying to find a niche in the spring so they will not have to compete directly with the NFL and they will have rules to encourage competition (no kneel downs etc). They are going to be bigger as they currently have 12 teams but up to 16 teams planned and like the UFL, they are trying to capitalize on untapped markets (Oregon, Alabama, Mississippi, Nevada etc.)
USFL: Making a Comeback | Bleacher Report
Their website has recently shrank to exclude most of the info it previously had.

Oh the possibilities!
Anytime I get the possibility of more football I just want to go all banana sandwich.