This would take about 3 hours and there are several websites we can use that host this type of drafting. The basics would be...
1. We agree to a time, probably early August that everybody can get online at the same time for roughly 3 hours.
2. Everybody starts off with 200 credits and all bids are in 1 credit increments.
3. Slots are chosen 1-12 to nominate players. Team 1 can nominate any player they want and the bidding can start at any amount as long as the team nominating has enough credits to cover the bid and the rest of a mandatory 16 player roster. If no one bids on the player then the team who nominated the player wins him.
4. Players are nominated by a straight rotation and not serpentine. Team 1 nominates, then team 2...after team 12 nominates, it starts back over with team 1. It goes for how many rounds it takes to fill all 12 teams with 16 players each. Once your roster is filled you can no longer nominate and your team's draft is complete.
5. There will be a timer in place and generally it's about 30 seconds after the nomination...each consecutive bid puts about 5 more seconds on the clock...so say team 1 nominates a player...after about 30 seconds if there are no more bids, auction will starting counting down by something like, going once, going twice, then sold...the timer is generally set by the person holding the draft and can be added to or lessened during the draft...so this can be worked out with the final details.
6. With 200 credits and a 16 player mandatory roster, your highest bid for your 1st player couldn't be more than 185 credits as you would need at least 1 credit for your other 15 players...so keep in mind that you do have spending limits along the way.
Again, this is the most exciting system I myself have seen for drafting and it's a lot of fun...plus it gives you the chance of owning any player you want if you are willing to pay for them. I'd suggest you do a couple of auction mocks at ESPN.com or fantasyauctioneers.com beforehand if you are new to this type of drafting as it takes a time or two to get the hang of drafting this way, plus it gets you used to the values and percentages that players are selling for...
If you have any questions on any of this, just post them in here and we'll discuss...
