The league is named for, but has no connection to, the original North American Soccer League. The modern NASL was founded in 2009, and began play in 2011 with eight teams, following a 2010 season that saw NASL and USL teams play in a combined temporary Division II league.
The NASL uses a split-season schedule running from April to early November, with a four-week break in July. The spring and fall champions, along with the two teams with best combined spring/fall records meet in a four-team single elimination tournament known as The Championship. The winner of the final claims the Soccer Bowl at the end of the season. While there is no promotion and relegation with other leagues, Commissioner Bill Peterson has stated repeatedly that the league has an interest in introducing it to the pyramid.
The NASL is owned and operated by its member teams through the Board of Governors. The Board consists of a representative of each member team. The Board oversees the League rules and regulations, governs the expansion and commercial strategy of the League, and oversees the league office. Mark Frisch is the chairman of the board.
NASL has no official tie to the former NASL that operated from 1968 to 1984. Several of the present-day NASL teams, however, operate in cities where the former NASL had teams. In particular, the Fort Lauderdale Strikers, Tampa Bay Rowdies, and New York Cosmos clubs share the same names and similar jersey designs as their NASL predecessors. The league has taken great pains to express its affinity to the earlier league, in fact inviting to their AGM Phil Woosnam, who wrote them a kind letter wishing their success in the new league. The New York Cosmos have been particularly mindful of respecting the Cosmos' legacy, involving former players at all levels of the organization.
NASL does not have a salary cap. NASL limits active rosters to 30 players and limits teams to seven foreign players.
NASL teams have augmented their revenues by signing sponsorship deals. For example, the NY Cosmos landed Emirates Airlines as a jersey sponsor, FC Edmonton signed Sears Financial as a jersey sponsor, and the Carolina RailHawks have had Blue Cross as their jersey sponsor since 2009.