I think coming down to two is good as it stops overlap and just makes it easier for everyone, also as this thing expands....!
On the overlap thing, I did a quick trawl through my 35-49 rep followers (given the new sorting feature and) - it's amazing/ depressing/ a coincidence how many of those who post anything of substance feature in these leagues.
I'll stick with amazing that we are finding that high of a percentage of the good ones! Also I'm guessing you added a couple from seeing them in these types of contests so that would skew things a little.
I'm ok if someone gets featured again if they have written a great post and still fall under level 50 so don't be excluding purely because someone else featured them at some point.