It's simple: weekly transactions, processed using a waiver order that is opposite of the standings. It's the most professional way to do it and the way I wish most of my leagues were, only problem is convincing the rest of your owners to do it. The die-hard fantasy baseball goers seem to be against it the most in fact. Not to say they are by their computers 24/7 waiting to pick people up, but they are of course on top of their game and ready to pick people up once they are called up or get the closing job, etc. And they seem to get ticked at systems that make it more "fair." But in my opinion, more competitive. I would try tossing it up to your league.
big ups to smoovethug on the sig