Frenzy

I can't seem to find anything that describes what "frenzy" is in baseball 365. In a league that I am joining -

LEAGUE: chance to win for the fodder pool

there is this description for the topic of Waivers in the league:

Waivers: NO - FRENZY at 11pm ET on day league fills

From the Game Rules:

Waivers/Frenzy:

Waivers (default) - All undrafted players stay on the waiver wire for a few days after the draft, during which they are available to teams by Waiver Claim only, taking turns by Waiver Priority.
Frenzy- Undrafted players become available for pick up immediately after the draft.

From the Game Rules:

Waivers/Frenzy:

Waivers (default) - All undrafted players stay on the waiver wire for a few days after the draft, during which they are available to teams by Waiver Claim only, taking turns by Waiver Priority.
Frenzy- Undrafted players become available for pick up immediately after the draft.

Frenzy is designed for franchise leagues and others where rosters are predetermined. Otherwise it puts managers who are unable to be there at a huge disadvantage. First come, first serve.