One backlog to rule them all…
One common practice we’ve seen our customers use is to have a master backlog, which “feeds” several teams. The master backlog is prioritized and maintained, and when it comes time to plan for the next sprint, all the teams gather together and “sign up” for backlog items to work on in the upcoming sprint.
That way, they can ensure that all teams are working on the most important items for each sprint.
This blog post will tell you how to configure and use a master backlog using the Team Foundation Service Preview.