Idea for league comes from a Bill Simmons article here:
http://www.grantland.com/story/_/id/7380292/the-12th-day-nba-christmas

Pre-Draft:
Current Downloadable Salary Table:

https://docs.google.com/spreadsheet/ccc?key=0AogPcnOHYs20dFZZZUhKa1hsN0JVMGxZa25EcnJmb3c#gid=0

This is your basic salary and 2011/12 stats database. Salary numbers will be updated when necessary. It's best to File Download As... to download the spreadsheet and sort and modify as you deem necessary.

Draft:
First year draft order will be randomly selected and run in snake fashion through 11 rounds.

Positions are PG,SG,SF,PF,C and 5 utility players with 1 bench player. 10 starting, 11 total.

Status is still TBD but it will likely be a live draft with 3+ minutes per pick so I can keep draft of everyone's spending.

HARD-CAP SALARY CAP IS $65 MILLION - NO EXCEPTIONS

On the day of draft the Salary Table will be finalized and it will stand for the remainder as the season as the official source of 2012/13 salaries. This means any deals done after the draft day that affect a player's salary CURRENTLY on an NBA roster will not be enforced.

Post-Draft:
By chance that a player currently unsigned by an NBA team is drafted, the owner that selects a FA player will have to make an immediate decision to keep or drop the player once they're are signed to an NBA team.

Season:
Head to Head scoring (see scoring settings for more info).

40 max player acquisitions per season.

Players not drafted are automatically placed in the waiver pool. Waiver claims are processed daily. When a player is dropped, he will remain on waivers for 3 days before he can be claimed.

Waivers are a continual rolling list: waiver claims are processed in waiver priority order and each successful claim moves a manager to the end of the waiver priority list.

Owners are free to trade players AND DRAFT PICKS up until the trade deadline of March 7, 2013. All trades are subject to a 2 day owner protest and ultimately reviewed by the commissioner for fairness and salary cap issues.

All waiver pickups will be reviewed by the commissioner to make sure owners do not exceed the salary cap. Any owner caught exceeding the salary cap will be subject to:

First offense: Loss of waiver priority order and warning.
Second offense: Loss of waiver priority order and 3rd round pick in 2013 draft.
Third offense: Loss of waiver priority order and 2nd round pick in 2013 draft.
Fourth offense: Loss of waiver priority order and 1st round pick in 2013 draft.

Any team exceeding the salary cap will have 24 hours from the time of the initial offense to correct spending otherwise the commissioner will drop the most recently acquired player automatically. In the case that the affected draft pick has already been traded, the next lowest draft pick will be forfeited.

League champion will be determined by who has the overall best record at the end of the season. There will be no playoffs.

Post-Season:
Teams are allowed up to 3 keepers for the 2013/14 season . The 3 players kept must be declared at least 1 week before the next draft.

2013/14 draft will have a lottery of the bottom 4 teams to determine draft order for the first 3 rounds. 4th round will begin draft order based on standings (worst first) and continue in a snake fashion through round 11.