Smokey,you tube is full of DIY archery targets. From cheapo to as much as you want to spend.
But,had to be one.....
Guys shooting tiny diameter carbons at today's compound speeds have vastly different requirements than trad folk. For the latter,my suggestion is judo tips and go stump shooting. The former? $$$ stackable ethafoam. The "stacking" part means you can loosen the frame clamp system/bolts,rearrange the foam...... clamp it all back down.
I would,if possible from an overview standpoint; have one "formal" target backstop,to include a nice roof over to protect it. Take some paver bricks(no holes) and dig them in flush with the ground so mower sails over them. Paint yardage on them. I go every 5 yards from 20 to 50.
Then,take some feed sacks and stuff full with plastic grocery store style bags. A cpl 3/4 × 1 1/2 wide,by the length of the bag top,pcs of wood. These are what you close the bag top with....using drywall screws. These are "informal" and can be made cheap enough to have 1/2dz.... scattered down through the woods. The problem with bag targets is your arrow droops making it too easily broken with subsequent shots. That's the fundamental difference in a formal vs informal.
Stump shooting with judos is as easy as getting the tips,be they screw on or glue on(woody arrows). Then go wander around with your buds shooting at anything you deem suitable. Not really useful for compounds though. A soccer ball and a cpl recurves with blunts or judos is so much fun. The ball is quickly deflated by the first hit but just keep shooting it. And this is while it's in the air. Great father N son addiction. This is also "informal" because,we ain't comin back he-ah. Kick ball,shoot....walk to get arrows and ball,then we go from there. Keep the ball less than 10 or so feet high.... line drives,going away.