Putting it up to a league vote seems like a good idea. If it is too lopsided, they'll likely veto - why let a league-mate take advantage?
If not, and they buy the "I was drunk" story - then they can decide to let the guy off. If they don't, then his tough luck. Obviously the other team liked the deal, so why should he be disadvantaged because the other guy changed his mind? Buyer's remorse sucks - but sometimes you have to deal with it.
But, again, I think you made the right call - let the league decide.
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them getting drunk isn't your problem.. who's to say they aren't just making an excuse from buyers remorse like dawgpound said? what happens if they get drunk again and do the same thing? i think you made a good decision in a league vote, and letting everyone else decide their fate. that said, i also believe that you should issue a warning stating that for the future, if they wanna take the fantasy baseball league seriously, then their actions are no longer protected. THERE'S NO CRYING IN (fantasy) BASEBALL!!