Correct, once we draft that is it. No more teams may enter. We will be able to pick up free agents and trade after the draft has been conducted. I agree we should wait to draft in case of injuries during pre season etc. I also like the "live" draft better. It enables you to have a strategy, instead of having the first 5 picks on your team being running backs, just because of the way it happened to work out on your list, and only being able to start 3. This results in being stacked at RB, but then your WR or some other position will be weak. We'll just have to play it by year. 8 teams in the league now...
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