Yeah, I wrestled with doing it that way, but the problem would be there is no real way through Yahoo to do that kind of draft, and getting people online into a chat room to choose teams would be disastrous at best.
That's why I thought the fairest way would be to let people choose teams first come, first served, but then after the rosters are chosen and we find out how many teams are in the league, do a sort of FA draft for all the players on teams that weren't picked. I would give the first pick in that draft to the person that gets the last choice of teams to take, and go backwards from there. What I'm going to do is get everyone to create a preference list of free agents and post it, and then just run down that list and go 5 rounds deep to assign the top free agents to the teams. I know that doesn't totally equalize it, but it's the fairest way I could think of.
At any rate, you should still join, because there's still plenty of decent teams left that when combined could make a nice squad. Toronto, White Sox, Seatlle, Anaheim, Colorado and Montreal are all fairly good teams that would make good starting points for developing a squad.