On the bright side, it did do a decent job of drafting for everyone offensively.
On the other side, it looks like the rankings for DL and DB are WAAAY off (well, the kffl rankings are, and those are what the draft went off of. If you just arrange by regular "rank" it does a better/halfway decent job), so you may need to do some switching around if you didn't setup a lot of DB and DL in your list.
Now, yes, you can't pickup anyone because with the autodraft, all the undrafted people become waivers (so you have to either put in a bid or wait until tomorrow night). After tomorrow night, however, they all (that weren't picked up on the waiver line) become free agents and first come, first serve. Why? To allow some fairness, so that people wouldn't sit and keep hitting reload on the page to get the first pickin's when the draft was finished. If you drop a player, there is a chance he'll be on the waiver line, but I'm unsure. And as far as who gets the advantage on the waivers, I think the higher draft pick gets it (ie - eggman will get anyone he picks up off waivers until the season starts, and kormoc will only get someone if no one else bids on the waiver).
Don't forget to trade and check the messages for players on the trading block.
Update: Meant to make this another journal entry, but might as well throw it in here. What do you think of the teams after the draft? Who's the team to beat? Quick perusal tells me Magnetar Jones has the team to beat. He had a very nice draft, though his backups aren't the greatest...