Many new features to come, but with the roll out into NFL 2012 today we have implemented full functionality of the co-owner option. Owners now have the option to appoint up to 4 co-owners to their team (so you can have 5 total owners per team if you wish). All you have to do is go to Team->Team Owner Options->Add Co-Owner and you're all set.
We have one team in our league with a Co-Owner, when the second owner post it shows his name as the original owner. Is this correct?
Yes, it is for now
If an owner wishes to drop out of a league, can he appoint a co-owner and then leave without it affecting the status of the co-owner? An will the co-owner then be promoted as the full owner of that team?