Check out the attached link. I will be building 6 48"x48" targets for a local indoor range. The materials cost 35 dollars for each target, give or take a few bucks. Easy to maintain and you can stuff with anything you can find.
http://www.archerytalk.com/vb/showthread.php?t=892196
http://www.archerytalk.com/vb/showthread.php?t=892196