This is a pretty simple one. I will list all thirty teams and use BP's Playoff Odds page to dictate odds. Basically, this is a LONG TERM BET. You WILL NOT see this money again until the playoffs are set, so I wouldn't bet too much stock in this one. However, the odds will be boosted to reward your patience at the end.
You are betting on if the team makes the PLAYOFFS. WC or Division, both work.
The bets will be settled after the last regular season game (and this bet will be stickied until then) or the last official seeding, and before the playoffs.
Basically, this is how the odds will work.
A 50% chance will get 2:1 odds. It should be 1:1, but with the long wait, this is a quasi-futures bet and will be boosted. A 75% chance will be 1:1, a 90% chance will be 1:2, and so on up and down the chain. I will use the non-PECOTA or ELO adjusted list in determining. (I don't even know what ELO means)
It closes on June 1st at Midnight (basically, bet in May)