With the sale of L5R IP to FFG complete, we have about 12K to do something with.
There are many formats for L5R for all of those cards that we now have lying around.
The game went through many story arcs. Each arc was its own constructed format. Each format was originally distinguished by a kanji.
Clan Wars (no kanji)
Started by the Jade Hand back in 2006 and officially being recognized by AEG in 2012, this was the first eternal format. Legacy format had an event at each Gen*Con through 2008. This format died out recently due to the successes of the later three formats.
Big Deck: http://shirobigdeck.com/
Started in 2010, this format incorporates the highlander style and the fun of the Commander format from Magic: The Gathering into L5R using all cards printed for general release with a small banned list. Players competed in a Big Deck event at the 2014 North American Championships at Gen*Con after it being a recognized format by AEG.
Eternal L5R: https://sites.google.com/site/l5reternal/
Founded in 2012, this was created in an attempt to improve on the original Legacy format. There is an active group on Facebook called Fortress of the Forgotten.
Founded by Donovan Burger (known as Sparks online) in 2014, this format is Big Deck light (half the size, only uses cards from bugged from Samurai forward, short banned list) and has been wildly successful since its inception. Recently, players competed in a Modern event at the 2015 World Championships at Gen*Con.
Bushi was designed as an economical format allowing for the use of only Commons and Uncommons along with Fixed cards from starter decks such as Strongholds, Clan Champions, Clan Holdings, and unique clan card such as a family sword, armor, mempo, follower or holding.
Kenjutsu Kata: http://l5rkenjutsuformat.blogspot.com/
A Kenjutsu Kata is L5R version of a Cube Drafting. This is the one that I advocated a while back. I really need to take time to update and port it over here now.
What ever you do with L5R CCG, never stop playing
The Oracle is still available and Sun and Moon is out there. Use them while we can!