McMahon hopes to reinvent the game of pro football, and promises to make it safer, faster, and better.
The chairman of World Wrestling Entertainment held a press conference Thursday where he outlined some of the initial details of the football league.
The XFL, standing for Xtreme Football League, will host eight teams on a 10-week schedule in its first season.
40-person teams will be formed in 2019 and will consist only of players who do not have a criminal record.
McMahon promised to make the games faster with a run time of approximately two hours.
Some of the game's rules will be altered from traditional football play, although he was not able to delve too deep into the details.
Back in December, McMahon sold approximately $100 million of his own WWE stock to finance the league, and says he will own every XFL franchise.
There is no word yet on which cities will have XFL teams, but he says it will be based on fan demand.
McMahon first introduced the world to the league in 2001, although it only lasted one season.
This time around, he says there will be no reliance on "gimmicks" like flashy cheerleaders or encouraging players to act erratically.
He says he is confident in the league's success because TV ratings do not hold the same weight as they used to.
It will also feature no crossover with WWE.
- David Opinko