Eliminating the League is a Normal Trap Card.
Trap Cards are normally Set first and can be activated on a later turn, often in response to an action.
On the current TCG and OCG Forbidden & Limited lists tracked here, Eliminating the League is Unlimited.
YGOPRODeck lists Eliminating the League for these formats: Duel Links, Speed Duel, Common Charity, Edison, TCG, OCG, Master Duel.
A listed print of Eliminating the League appears in Speed Duel Starter Decks: Match of the Millennium (SS04-ENA30) at Common rarity.
Among markets shown on this page, the lowest listed snapshot for Eliminating the League is about $0.09 on Cardmarket (prices change frequently).