In my live draft, we do it in the evening after dinner. We meet at a local tavern, and by the time of the late rounds, its near midnight and everyone is sloshed. We take a long time to draft and enjoy making fun of each other. I usually end up drafting Jesse Orosco it the last round (not this year).
For an online draft, this is a long process. They can take a couple of hours, so you have to get your propper pre-draft nutrients. I like the pizza and wings idea, but I also like to mix it up, as long as I am full by about an hour before draft time. I spend the last hour getting everything together, making final preparations, and drinking beer.
During the draft, I continue to drink (with a cooler at the base of my chair) but I have to eat something that will not compromise the integrity of my keyboard. Even potato chips are a bit too greasy for my fingers and my computer equipment. I've found that Chex mix or Sun Chips fill the necessary void. They are salty enough to go with the Busch Beer (pretzels, of course, work too.) and convenient enough that you can eat them without a second thought, never breaking concentration from the flow of the draft.
Usually by the end, I have been drinking beer for three or so hours, and still end up drafting Jesse Orosco in the last round.
Lil this, lil that, draft days are always fun.
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