Here is the rules posted previously... I do not think you can drop anyone at this point... You still have 2.75 mil to spend and need three players to spend your 76 mil so you can pick up three players with the 2.75 mil you have left
Live draft League Rules
Draft order: After a league fills, the Tour Commissioner will conduct a lottery to determine draft order. The order will reverse in the even-numbered rounds for a serpentine type draft.
Draft clock: A manager will have 2 hours in which to make a player selection. Managers who draft in either the No. 1 or No. 12 positions will have two hours in which to make both of their picks when they have back-to-back selections - not two hours per pick. If a manager does not make a draft selection within the 2-hour window, the manager with the next draft position may select a player. The manager who was bypassed may make a selection anytime afterward. The clock is off in the first round until all managers are present. The clock will also be turned off on weekends.
Stopping the draft: If a manager is skipped for a second time, the league may choose to halt the draft until it determines if the manager is going to be able to continue. If a manager can’t continue, the draft should be stopped until a replacement manager can be found. The replacement manager should then be allowed to make all the picks necessary to get caught up before the draft is restarted.
Rounds: The live drafts will consist of 18 rounds, which includes stadium (which can be picked at any time during the draft). The last eight players will be determined through the TSN autodraft engine. All live drafts will be conducted using Penngray’s software.
Division assignments: Managers will enter their teams into the league in the following order. Managers whose first-round draft positions are 1, 4, 7 and 10 will comprise the East Division. Managers whose draft positions are 2, 5, 8 and 11 will comprise the Central Division. Managers whose draft positions are 3, 6, 9 and 12 will comprise the West Division. Divisions may switch (in other words, if a team in the East is going to be unavailable for several days and that would delay the league from starting, then the teams in the East can move en masse to the West Division, and allow the teams in the West to move into the East Division to facilitate league creation).
Invalid rosters: If a manager drafts more than $76 million of players during the live draft, or drafts 12 or more pitchers and therefore cannot fill out a valid TSN roster (25 players, $80 million), then he must release the last player he drafted and replace him with a $500,000 player. If he still can’t create a valid roster, he must continue to release players in the reverse order in which he took them and replace them with $500,000 players until he gets his total under $76 million. The players he releases will be eligible to be taken by other managers when filling out their draft cards.
Trading: Trading is allowed during the draft. No uneven numbered trades allowed. All teams must have 17 players and one stadium after the live portion of the draft is completed.