I like the contest idea, but if we're trying to cover all possibilities...
What would happen if, oh, say School M uses an ineligible player, and
is suspended from playing in the league's playoffs, but then School M takes
the league to court and is placed in the playoffs as a #8 seed even though
they would have been a 4 or 5 seed based on points.(But that would
never happen, right? ;-> )
Would the league standings (for this contest) be based on points, or on
the final playoff order as determined by the league?
Also, what about forfeits?  Will points be counted for the contest
even if they are taken away by the league?
 
Maybe this is far-fetched, but recent history can't be ignored, even if
we would like to.
 
John Forsyth
 
"Reward: Lost $50.  If you find it, just keep it"  - Steven Wright
"Can you imagine if birds were tickled by feathers?"  - Steven Wright