That would seem to be the best system, that way the guys are still in the pool. You could make it fair even and add like an extra round if someone wanted to pick up someone that had been dropped. For example if wiltz dropped
Cael Sanderson with the very last pick of the 3rd round we could have another round to see if someone wanted
Cael Sanderson (or anyone else who had been dropped in the 3rd round)