Fantasy football is such a big hit, in fact, that 37 million people spend an average of 50 minutes per week at work managing their teams comprised of real players that earn points based on performance in games, according to outplacement consultants Challenger, Gray and Christmas, Inc. This costs employers as much as $1.1 billion per week in lost productivity.

Yet, Challenger encourages employers to embrace fantasy sports to foster a sense of comaraderie in the workplace. "The potential damage to morale and loyalty resulting from a fantasy football ban could be far worse than the loss of productivity caused by 10 minutes of online team management," said Challenger.

The study also cited a survey saying average fantasy sports owners spend 34 minutes per day just thinking about their teams and spend almost $500 per year on fantasy sports. Fantasy sports ranks with shopping on eBay and online poker as the biggest waste of productivity at the workplace, according to John Challenger, CEO of the consulting firm.

As for me, guilty, guilty, guilty!