Larger context: I have heard the feedback -- thanks as always -- and am still considering, but not guaranteeing there will be, tweaks to the 255M and 110M leagues. I will finalize things this weekend. As for the questions:
For the 140m
-Nominating a player does not give you any rights to that player, correct? Just making sure I'm reading that right.
Correct, nominated players are unable to be selected in the draft and cannot be used.
-Is there a minimum number of seasons/WIS seasons/whatever that a player has to have to be nominated?
Good question. I suppose the obvious strategy would be to pick someone who played 1 season and only had 1 good teammate and then try to pick him in the first round. Even if you didn't get him, that's a less fun draft. Let's say 5 WIS eligible seasons, minimum, for nominated players.
-I'd like to know whether the nominating owner gets to pick the teammate he'll use before the draft begins.
Nope. You just nominate the player. You have to weigh when to select one of their teammates like everyone else.
For the 110m:
-The five players you twist off the original team are eligible to be re-twisted and on your actual roster?
No, the players you have on your roster have to be 2nd-degree twists from your base team.
-Is that 2nd twist mandatory or optional? In other words, if I twist a player to the 1978 Yankees, can I roster 1978 Guidry or would I have to twist him to another year?
Mandatory, but you wouldn't be able to use Guidry.
-Is it fair to ask if you even have to use Guidry at all? Or just use him to take you to the 78 Yankees? If I can twist ANY 5 players from the 78 Yankees...does one of them have to be Guidry?
None of them can be Guidry since he violates the rule of having played with other players from whatever your base team was.
For the 255m:
-Does the owner who submits a winning bid for a player pay whatever they bid or the next highest bid + $1 million? This is a really important question because the strategies change a lot depending on which it is. (ie, are we using Vickrey)
They pay what they bid.
And justinlee_24's question (above):
Your interpretation of the rules is correct. Building a roster will be easier than I think you are worried about with the help of the Oracle of Baseball tool on BBR. I am also building a spreadsheet tool based on WIS-eligible seasons to help. I can say that verification will definitely be easier than you'd think. I understand this theme will be challenging, but this is Round 2, your 130M team is likely mostly built already, and the two lower cap themes are considerably more straightforward.