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Each Fantasy Music League Label is made up of 10 Artists. These 10 Artists are divvied up among 5 different music Genres. A Label has:

Two (2) Alternative Rock (Alt) artists
Two (2) Pop/Contemporary Hit (CHR) artists
Two (2) Hot Adult Contemporary (Hot AC) artists
Two (2) Country artists
Two (2) Urban/Hip Hop (Alt) artists

Any Label can have any artist, so long as the Artist can be signed for an amount of money that is available in the Label's A&R Budget. That means that lots of Labels will choose similar artists.

Tip: do all your price/performance juggling during the Indie League play period, or during the first three days of Week 1.