No, only owners with a balance of less than 5 Million will be slotted into the draft (those few remaining millions would carry over into next season though) . You must continue trying to acquire your 5 Player Units until you have either done so or gone bankrupt.
I know the rule book is quite lengthy dean, hell it took me a month to write and another month to tweak it, but I felt it was necessary to cover every angle in as much detail as possible.
By the way, I have started the Auction House thread in the owners forum, feel free to take a look at it. I will begin posting the Player Unit lists soon in a separate thread.
19 in... almost there!