Thoughts on Dynasty League Expansion?

[the ROC]

Here's our league rules:
currently 10 teams
5x5
Head to Head
25-man "active roster" that is essentially your starting lineup and 3 bench players that you have designated to use that specific week.
15-man "minors" can be made up of any players, but you cannot use them in the matchup unless you "call them up" before the week.
25 keepers year to year.

We are currently going into our 2nd season, and we've had good participation out of all the owners so far. We are looking into the idea of adding 2 owners to the league through expansion after this season. Has anyone done something like this before? How did you have the "expansion draft" or equivalent?

An idea I had was to let every team protect 5 guys initially, and after every round let each owner protect an additional guy, for 25 rounds. Then, give teams compensation picks at the beginning of the real draft to replace their keepers. I think this is a pretty fair idea.

Input?

[HybridTheory]

Here's the plan I followed 2 years ago, when we expanded from 10 to 12 teams:

All current owners protected 5 major league players, but no more than 1 at any position.

All current owners then could keep 2 minor leaguers, one pitching prospect and one hitting prospect.

All other players are returned to the pool of players.

Randomly selected the order of the two "expansion" teams and had them complete a 5 round snake draft.

Randomly selected order of all 12 teams and completed a 20 round snake draft to round out 25 man rosters.

Completed same sequence of events fir minor league draft.

This was the best way I could come up with for all teams to compete and still allow current owners to keep some of their core players.