For graduate-level suffering: the loser sits the GRE General Test at a real testing center, at-home versions banned. At $220 a seat it doubles as a fine. Named by one league after Rodney Dangerfield's Back to School character.
Budget note: this is one of the expensive ones. Decide before the season whether the loser pays, the pot pays, or the league splits it, and write that down. Money arguments kill leagues faster than collusion.