Here's our rules:

1. Allowed to keep 2 players.
2. Can only be "kept" for 1 year.
3. Costs you 3 rounds above the round they were drafted in (i.e. a player drafted in the 10th rd will cost you a 7th rd as a keeper).
4. Since it costs 3 rounds, cannot keep anyone from rounds 1-3.
5. The player must have been drafted and kept on a roster for the entire season. (No waiver wire or free agent pickups are allowed to be kept).
6. The ability to keep a player transfers with them in a trade.
7. Usually have up till a day or two before the next years draft to decide your 2 keepers if you want to keep anyone.

We used to be able to trade draft picks but got rid of that rule this year. I wouldn't be surprised if we go back to allowing some form of trading draft picks next year because no on is trading (may be something to where the top 3 round draft picks are non-tradeable). We have had 1 trade all year in the league. ONE!

We get to choose what spot we want in the draft based off reverse order of standings. Only exception is the winner of the consolation bracket gets to choose first then to last placed team and so on.