Hi BeerEagle69, yes, it is a League and yes 3 players (usually Friends) agree to form a Team.
In a nutshell,
Each Saturday for 4 weeks there are 3 simultaneous MTTs where each Team Member plays (you never meet your fellow Team mates) and we calculate a Leaderboard to find the top 24 Teams.
Then, for the next 3 weeks there is a knockout style Leaderboard where half the teams go forward until we have a Final week of 6 Teams, on July 16th.
Rob