So in the office weve been doing this for years.
£46 million to spend.

Scoring system is:

Clean Sheet - Goalkeeper 5 points, defenders 2 points.
Score a goal - Defender 7 points, Midfield 5 points, Striker 3 points.
Every goal your GK or DEF let in is -1 points.
If player doesnt make an appearance - 1 point.

Any suggestions on players?

Formation choice?

And does it include the Sun's ratings in scoring?

442.

No the only way you gain/lose points is how I stated earlier.

transfers?

Initial thoughts are a Fulham semi-block with a couple of likely goal scoring defenders from elsewhere (Huth, Vidic, Terry/ Ivanovic budget permitting), big hitters in midfield (Lampard, Nasri, Nani) plus maybe a value mid likely to be in the goals, RVP/ Rooney up front with if necessary a 4m ish Zamora/ Odemwingie type that should knock in a few.

Team Name? P45