I think the idea of a second professional football league is smart, and this is the time of year to do it. They're really looking to attract football addicts. Those types of people really care about the NFL Draft (and combine) and Free Agency, so there's time around that to focus on another league.
I think the big thing is that the NFL should be partnering with someone to run a developmental league, which I believe was the AAF's goal. Take practice squad players, and maybe 1st & 2nd year NFL players who didn't play a certain number of snaps during the season (maybe less than 5-10%), and give them a chance to play in games after the season. There wouldn't be enough players for 32 teams, but you could find another way to spread them out across maybe 8 teams. I've seen the idea of one team per division, but I'm not sure how well that'd work. Then, you could fill out any remaining roster spots with unsigned players.
One of the biggest issues for the quality of play in the NFL is that players have less practice time because the NFLPA pushed for it in the last CBA. That helps veterans and good young players, but it hurts developmental players who could use as many reps as possible. I think it could be a win/win for everyone.