The Rule V Draft happens during the PM2 cycle but I've noticed that it doesn't actually run until mid-way through the cycle (around 11pm eastern time).

Can I continue to rank players up until the time that it actually runs, or are my lists/settings frozen at the beginning of the PM2 cycle?

The reason for my obscure question is that the Rule V draft happens tomorrow in one of my leagues and I won't be able to look at the list of available players until after work.

Thanks all!

I think you can rank right up until 11pm.

You can change the rankings (and they will be updated) any time before the Rule 5 draft acually occurs.