thanks for the feedback jhsukow.
Here is the email, and hopefully it may help others as well.
"each team has got a $100.
I am going to set up 8 different topic windows
and each will have a group of 30 players - called a LOT-
The draft lasts 2 weeks - every two days a Lot closes and those 30 are sold-
you can bid on any player in any lot until the players particular LOT closes
(we have a schedule set up for every two days and every lot) -"