You got it, 7 players total (no more no less) and the 175 home run cap is to make things interesting so you don't pick the top 7 home run hitters.
The list has players who hit 10 or more homers last year, your 7 players lineup cannot exceed 175. Lineups lock on Opening Day, no substitutions - I'll personally play 2 or 3 lineups just in case of injuries. But it's only $10, and not $20 or $50 (I might join a $50 for fun)
Depending on the turnout and results, possible 2011 increase to $15 and/or 1 substitution after Opening Day.
