we are gonig to add this, this year(2nd year of auction keeper league) so we dont know how it will work out:
Minor League Draft 3 rounds in reverse order of standings. When they are "called up" during the season, every manger (besides the owner) throws out a blind bid or just says "pass". The owner can see this bid and he just has to match it and that player is his. That is also his keeper price. But if he chooses not to match or outbid it, the owner with the highest bid gets him for that keeper price and has to give the owner compensation (Draft picks, cash, waiver priority, etc.). After the season the new owner can keep keep him at that price, if he doesent then he is hit with a 10% to 20% cap penalty( still deciding which one). This is so he is not blocking the original owner from keeping the player. So if the player was $30 and the penalty was 10% then he would lose $3 from his cap for the upcoming season.
This is also a way of seeing whos active (is there somebody who doesent give a bid or even say "pass"?)
hope that helped and feel free to ask questions