That's another option.. usually there aren't any bad picks there. You get the occassional Tiny Archibald pick in the first 2 rounds (he's already b-listed here, too) but those are all good picks most of the time.
I'm in either way (blacklist 12 more, 24 more, or 48 more) and agree with phunke1 that things should be made clear before moving ahead. But let's be clear the numbers are wrong in the above posts from earlier (sorry, didn't have my am coffee before posting before):
In the current league, there are 48 players blacklisted, not 24.
Adding 12 more would be a total of 60 for Season 2.
Adding 24 more (1 more blacklisted player per owner) would be 72.
Another 48 more (2 players per owner) would account for 96 total players blacklisted.
Keep in mind that we probably want to keep this going for a while so maybe it's better not to blacklist too many guys at once (or we can just always start over or go with the current odl or 52 mil league drafts for b-listing, provided there aren't any dumb picks).