WordPress is perfect for what you're going to be doing. Easy to set up and get the hang of, lots of template options if you don't do design or don't want to pay someone for it, etc.
Hostgator is fine for a host if you're not expecting egregious amounts of traffic. Their VPS/Dedicated servers are lacking, but you can probably get by on a shared hosting account which they do well, and cheap.
The domain will run you around $10/year, and the hosting probably around $5-$10/month.
As far as advertising goes, google adsense will be the easiest thing to set up. That said, I don't think adsense pays out that well for the Fantasy Football niche and you won't have the traffic to get into CPM (cost per impression) networks yet. If you're just looking to get something up there, adsense is the #1 quick-hitter way to do that. If you're looking to make any real money at it, the only way to do that in the FF Niche is selling ad space privately or through premium content subscriptions.
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