Mike - The only "live" portion of the draft that I envision is for the 1st round and that would simply take place on the message boards.
We would all announce our $5M+ player then proceed to the auto draft portion. You would put your $5M+ player first in your auto draft section and proceed from there. Hope that makes sense.
Would I be right in assuming that we can drop and add a $5 mil + player after drafting the guy we name (during waivers or post waivers) ? I am sure we may find after the draft that we didnt get a particular guy at a position that we deemed important to our team.