The NWP-RE has some elements that are similar. We allow players to be drafted up to 2 seasons in advance of their WIS debut (and players can be kept up to two seasons after their LAST appearance as well).
Teams roster 33 players. Each player is given a randomly generated season which can be +/- 2 seasons from the season we are playing. So if we are playing the 1912 season, your roster will includes player-seasons ranging from 1910-1914. If you draw a season in which your player is not in the database, then he is unusable.
We also use contract points with a fixed cap, which serves to limit how long you can keep a player. You can draft someone two seasons early, but the "cost" is you end up paying both a roster spot, and a contract point, for each season he is on your roster - whether or not he is usable.