It's really important to pull everything out of the bag and let it dry as soon as they get home from practice. We set up the laundry drying rack with a box fan for a while, then went ahead bought the Rocket Dryer:
http://www.hockeymonkey.com/rocket-sports-equipment-dryer.html
We love it. It has a heater and blower at the bottom, and racks with hooks and clips at the top. Needs an outlet, but is not too noisy. Easy to use and REALLY prevents the stink from getting out of hand. That said, the drying rack/box fan setup worked pretty well - it was just less contained and somewhat louder than the Rocket dryer.
When we wash, I put a little Biokleen Bac-Out in with the detergent and this seems to help, too.
Good luck!