Effective tomorrow, Tuesday, October 6, all [b:b99ffe966f]waivers, salary cap list draft[/b:b99ffe966f] leagues will have their drafts run within 10 minutes after they become full, between the hours of 9am and 12am ET. You'll no longer have to wait until midnight. If your league fills in the early morning before 9am, it will draft at 9am.
After you draft is run, your league will be put in the waivers stage as usual, during which you may place waiver claims on players in the free agent pool you wish to acquire. Waivers deadlines will still be at 5pm ET at least 41 hours (approximately "the 2nd day") after your draft is run. Example: if your draft runs on Friday at 2pm ET, your waivers deadline will be on Sunday at 5pm ET. Such would also be the case if your draft runs at midnight on Friday night/Saturday morning.
To be clear, this affects the vast majority of leagues created: "waivers" is in contrast to "frenzy" leagues, and "salary cap list draft" (also known as "auto-draft") is in contrast to Live Draft leagues.
Note that this applies to all Strat-O-Matic Online games (including '70s, '80s, Fantasim, etc.), with the exception of the 2001 season (which was before the advent of the waivers system).
Enjoy!