I've only done a few auction drafts here's how they went.
1. League paramaters are set out i.e. # of players, scoring categories etc. (obviously need the rules upfront)
2. Players draw #s and are seated in a circle around a table (circle is important later on)
3. Every team gets $100 or $500 or $1million (acutal amount is immaterial as money is relative personally I like $1000)
4. 1st manager nominates a player and must bid $1 on that player, going around the circle each manager when its their turn can either up the bid or pass, once you pass you can't re-enter bidding on that player. Bidding continues until everyone passes and the highest bid wins the player.
5. Move to the next manager who nominates a new player.
6. Every 5 rounds or so reverse the direction of the bidding circle to mix it up.
The circle keeps some structure and order, no one debates who called a bid first and the "once you pass you're out rule" moves the draft along at a steady pace.
The first couple of rounds take the longest as the hot commodities are up for grabs and lots of bidding occurs. By the last 5 rounds it's usually $1-2 max per player.
If you can sucker some buddy into recording the teams that makes life good. I have a buddy whose not in my league, I record his draft and he records mine it lets all the managers focus on drafting and it's fun to see how other leagues draft.
#1 could be good if everyone has a laptop and there are not technology issues but if anything goes wrong you're screwed. # 2 could be fun but I almost think you need a dedicated auctioneer to control the action. I'm always interested to hear new draft ideas so let us know how it goes.
12 team H-2-H 1 year league, daily roster changes, 3 goalie start minimum/week
2xC, 2xRW, 2xLW, 4xD, 3xUtil, 2xG, 5 Bench
G, A, P, PIM, PPP, SHP, GWG, SOG, Hits, W, SV%, GAA, SVs
C: C. Keller, C. Mittelstadt, B. Nelson, R. Strome,
LW: K. Connor, B. Tkachuk, J. Gaudreau, J. Marchessault, E. Rodrigues, A. Lafreniere
RW: K. Fiala, J. Bratt, T. Jeannot V. Arvidsson
D: R. Josi, J. Trouba, E. Gustafsson,
G: L. Thompson, F. Gustavsson, V. Vanecek
NO IR