I will try and fit this in to the Q1 patch, though it will have to be a change that happens between seasons, rather than immediately. Partly because to do it during the season is hugely complex, but also because it makes more sense to do it that way.
It's very disruptive sometimes if the host can just change the entire schedule overnight. If it was between seasons though, then people who are uncomfortable with the changes can leave without incurring penalties.
+1 Jack - I wouldn't want league hosts changing the goalposts during the season that would be open to abuse, other than by a unanimous vote.
Even then - if one guy doesn't want a change and everyone else did, then the rest of his time in that league might be made to be pretty unpleasant!
So I think your suggestion is best.
Maybe a vote system wil cover the abuse. If the host changed (big things) within a season 75% of the players need to agree on the change before it happens. If the admin changed it for the next season, no votes are needed.