I have done this with my class for about 5 years now and I love it! I have them split into 3 groups. Our groups are as follows:

teacher station where they learn new things ( our lesson from our math TE)

practice station where students are practicing the things I teach in small group, and reviewing past skills and it is very independent.

games group where students are practicing skills and strategies in a very hands-on format.

For the games station I use Debbie Dillers Math Stations book. She has fabulous ideas for my stations. I also use many online resources. The trick for this group is that I NEVER EVER put anything in my stations unless they have been introduced during the teacher group.

The students simply rotate to the next station each time I ring my chimes. The students go to each station each day. They spend about 20 minutes at each station.

For the last 20 minutes we do calendar and "talk about math" time. Our total time in math is about 70-80 minutes per day. Let me know if you want more info!