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I agree that waivers is annoying because it makes us wait a day or two before we can start to adjust our rosters. But waivers has the advantage that everyone knows when the free agent pool opens for everyone.
When exactly does a frenzy start? Does it start right after the last pick is made? That would seem to give a jump to the person making the last pick because they could start making roster moves right away.
Others would not know when the frenzy starts, particularly if they set up the last few picks by proxy, and then walk away for a while.