Yes, the league already needs a bailout investor. This is perhaps not surprising; Eric Crouch was a third overall pick in the draft. The league's official site calls out for a savior.

In an attempt to secure kickoff of its inaugural season as well as its long-term future and success, the All American Football League® has begun discussions to explore multiple financing options.

Since inception, the League's finances have been indirectly tied to the $300 billion federally guaranteed student loan asset backed securities market. In August, the sub prime mortgage crisis began spreading into other sectors such as municipal bonds and federally guaranteed student loans. The situation, which was considered to be temporary at the time, has continued to worsen. Despite the fact that the Federal Reserve has repeatedly lowered interest rates during this financial crisis, their efforts have not yet restored liquidity in many asset backed markets, including municipal bonds and student loans.

Ha! The problem with the league is the subprime lending crisis! Of course! It's the same thing that took down the ESPN Phone, sure.

So Much For The All-American Football League [Orlando Sentinel]
The All-American Football League May Fold Before It Starts [FanIQ]

Over at Snarktastic, they "sneaked" in and got a press pass, and it clearly changed their lives.

The press packet I have been kindly provided with informs me of exactly what the hell I am here to see. Considering that Knoxville is one of the main bases of operations for this new professional league, I find it suspicious that I only heard about this draft this morning.

Anyway, I am immediately struck by the realization that the AAFL itself has no idea what it is trying to be. In the same sentence, they refer to it as "a spring season college-style professional football league". Wait...so is this like NFL Junior, or NCAA Part Deux? "AAFL teams are comprised of many star players fans loved to watch in national college football hotbeds...where rivalries are fierce and competitive passions run high". I am so confused.
Apparently, this league will only draft and sign players who have earned a four year degree. This makes sense, especially considering that most NCAA football players who DON'T earn a four year degree failed to do so because they left early for the NFL. AAFL Football: Just like the NFL, except everyone knows how to read above an eighth grade level, and also, it's just like college, except with no fans and no excitement.

Yeah, pretty much! Catch the fever!

Live From The AAFL Draft [Snarktastic]