I recently joined a standing tradition like this with some friends. It's more focused on songs of the year instead of albums. We do a NCAA style tournament with 64 songs (so we each submit 10-11 songs, there being 6 of us) and then they get randomized into the competition. It leads to a lot of funny and frustrating discussions since the notion of songs competing against one another, especially when they are totally different genres, is challenging. It's a ton of fun to see what other people think are the best tracks of the year though, and to see how many of us have the same tracks. There usually isn't too much overlap actually, since the group has diverse tastes.