The PSFL (Professional Spring Football League) existed for roughly five months. The PSFL folded ten days before the season opener. Red, white, and blue league was born on November 1, 1992, at news conference in New York City the same room as the defunct spring league the USFL. Founded by Vincent Sette, computers salesmen, was also the leagues ‘first and only President. The league had no media coverage, no television, or radio deals in the work for the first season. Basically, another shot at ill-fated attempt by the WLAF under new regime. Players, were to be paid 40,000 a season under a 2 million dollar salary cap along with extra million salary cap, for non-player expenses.
Originally, nine teams were announced and another team would be announced at later date set to play a 16 game schedule. Albuquerque, Boston, Columbia, Las Vegas, Little Rock, Miami, Portland, Tampa Bay, and Salt Lake City. The PSFL, added Washington as the tenth and final team.
Franchise fees set at 250,000, rosters at 43 active players and 7 on developmental squad, and commissioner, Rex Lardner, in place, the league was ready to head to training camp. Teams didn't sign players since the league owned the franchises. The league offices and assigned teams who had regional appeal; college location near the franchise. Judge Peter Spivak and Walter Michaels from the USFL, were Chairman of the Board and Director of Football Operations, would take their knowledge to the new league.
February 29, 1992, would have been a historical day, being the leagues’ first game would be played between, Utah and Tampa Bay in Tampa Bay. The leagues’ championship game would be known as "Red, White, and Blue Bowl" on Sunday, January 5, 1992, in Washington D.C. at RFK Stadium.
The 1992 season never made it to the field nor the papers. The league folded ten days before the season opener on February 19, 1992, during training camp. Worst part was Miami didn't make very far in training camp closing shop early, leaving the league at 9. Rosters were also being trimmed down to 60 before plug was pulled. PSFL, probably won't be remembered by anybody other than few diehard football historians.