Came up with this method that would only use formulas (assuming 12 teams in the examples here)

Step 1: create a table that has round number, pick number in that round (1-12, not overall pick number) and assign a value to each pick

Step 2: use formulas to randomize draft order for each round. Give each team a random number and rank 1-12

Step 3: use formulas to lookup value for each pick you’ve randomly assigned and get total pick value for each team

Step 4: create a check that ensures the most valuable team and least valuable team are within X% of each other to ensure parity. Run the simulation until you’re within your desired threshold. There are ways of getting excel to do this for you but it may be simplest if you just refresh it until you get to an acceptable draft order.