I think the Weather Channel's already cornered that market- considering how they show endless loops of Jim Cantori in hurricanes and rural folks being decimated by tornados just to keep the thrill seekers armchair viewers interested- while ignoring or delaying actual forecasts!
Jeff, a Fantasy weather league has been in existence for at least twenty years. It's known as either the National Weather Service or the National Oceanographic and Atmospheric Administration. Surely, an avid and experienced rider like yourself knows that the weather forecasts are pure fantasy? Twenty years ago they were merely inaccurate. Like the NFL, these two !$%*!$%* exist solely to make money at the country's expense. They have learned the truth of the saying: "If you can't dazzle them with brilliance, baffle them with bull****." And, as we all know, Congress is particularly easy to baffle.
Who would the players be? You'd have to have that cute girl from the Weather Channel. Everyone would be trying to draft her. There'd always be the possibility of getting stuck with Willard Scott too.