There is no price for a keeper and you have to keep 2 players. Drafting starts what I will call round 1, but because there are 2 keepers per team you basically are starting from round 3. Caveat to our drafting system is it goes 1-12, 1-12, 1-12 like the nfl draft and gives an advantage to those teams who didnt make the playoffs the previous year.
In our losers (toilet) bracket we play for draft picks each year so that the league stays somewhat competitive the whole year.
Tried not to get into real specifics but thats our template of a league