Jeep is correct. It will be a live draft - probably 14-20 rounds, on a pre-determined night - likely a Fri-Sat-Sun in mid-late August.
Owners will be able to pre-rank, and it is recommended that you do so "just in case", as many players as they want (50/100/150/etc). Each owner gets 90 seconds to make a pick (although if an owner is not at the draft the computer draft program usually picks within 45) when their turn comes up.
Once the league is full we can discuss finalizing the settings as we'll have a good 3 weeks or so.