The only way to do it is two Xbox's/computers and two screens as this was asked before. Each player has to own there own copy of the game. Though the turn based split screen thing would be nice I guess, but that would meant they made the game for console play on one copy of game, but it wasn't made that way. If you and a buddy wants to play against each other you need to have two set ups.
Hotseat leagues aren't available in the game. It's still on our to do list and we know many of you are waiting for it, but we had to choose some features over others for Legendary and this one didn't make it. Maybe in future content update.
Poor Netheos having to copy/paste that same sentence at least thrice a week.
I truly hope for all of us that hotseat leagues will be implemented soon, so you can stop telling us "maybe" and we can stop asking "when" every other day.
Well... while I'm here :p :