I decided to go through and start one and create the list of exposed players myself... took a good chunk of time but wasnt too hard. Then I took all my best players who werent rookies (I keep the rookies) and held a disbursement draft for all the other teams.
I'm at the beginning of my first season, took a couple days to set everything up. I turned the Rams into the Las Vegas Luck. My team is pretty bad, we are 1-1 in preseason thus far (beat up on the Jets 41-10, but it was 10-10 at half so 30 of those points came with backups in the 2nd). I let myself keep 1 player from the Rams (representing the first pick in the disbursement draft) and kept Jackson, and I have a decent O-line w/ rookie Jason Smith anchoring it, so my run game is decent... but I fear I'm going to struggle to throw for anything this year, my QB's (Tavaris Jackson and Jeff Garcia, who I signed as a FA) suck and my WR's (Patrick Crayton and Dione Branch) have dropped everything the first 2 games (Crayton 4 drops in the first half of game 1, Branch w/ 3 in game 2), and after that I have no one. Then I've got a couple decent CB's (my list had a few high priced guys that teams didnt protect, like Nathan Vasher, who for me is a stud lol). I also had James Laurinaitis at MLB, he's another rookie so I get to keep him, but he just went down in preseason week 2 w/ a broken collerbone, so he's out for 11 weeks
All in all, if you stay realistic w/ FA's and scouting (although you know all the good players), its a good way to have a challange and it's fun and takes up a decent amount of time