Free form Wrestling Roleplay is what happens when you start a federation in a thread. It is like a regular roleplay that goes on as you post rather than through match cycles. It is also how WWFG, WWE:U, WWE/FFA:TF and several other guilds used to operate.

A guild in free form comes with many different things that set it apart from the older guilds.

Pros:
Members always have something to do while waiting for other matches to end
Members can set feuds at their own pace
Members are generally more active

Cons:
Pay-per-views still run long as the more active members finish faster
Things are generally harder to keep track of
Many people nowadays find this form to be disinteresting/stupid.