Let me give an example. Suppose we have the following schedule.
2:30 Owner A
3:00 Owner B
3:30 Owner C
Owner A is up at 2:30. He has until 3:00 to make his pick. At 3:00 Owner B can pick, whether or not Owner A has picked (this is just standard draft procedure.)
In the NWPEE, as soon as Owner B makes his pick, Owner C is up and can make his pick. If B picks at 3:00, C can pick at 3:01. And the draft can continue. The whole point is that Owner C does not have to wait until 3:30, or wait for Owner A to make his (now missed) pick. He can pick immediately once Owner B has done so.