You can determinethe drafting order by picking out of a hat. Go around the tableclockwise for the first round, counter-clockwise for the secondround, etc. The playersare selected by bidding for them. The highest bid gets the player, andthat amount then becomes the player's salary. Thenthe next owner around the table introduces the next player, andso on.
Auctions are more interesting, and require a few more hoursthan a straight draft.
You might need some Rolaids, too. Regardless of whether you use a draft or an auction, playersshould be selected based on a pre-arranged list of positions. Most leagues use the standard 23 player active rostercomprised of 14 hitters and 9 pitchers. This extra hitter can be from any position. In order to qualify for a position, a player must have playedthat position at least 20 games last year.