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some picks could take 2 weeks(after the first round) and I'd be ok with that
I wouldn't. If you want mod support for this endeavor (and you need it to a certain extent, though it's not mandatory), you need a time limit to ensure it's a smooth process.
Plus, and this should be obvious, but reaching completion on this is going to be REALLY HARD TO DO. Not having clear forward progress on a daily basis is going to result in not one, not two, but many posters who simply give up and stop picking. Is round 5 gonna be tough to pick? Yeah, but round 5 won't be for another few weeks, and that's plenty of time to prepare. Preparation doesn't begin a day before our pick.
Your goal should be at MOST a 24 hour time limit. Less is not unreasonable since posters should have a clue as to when they are up. Even as it is, an average round will be like 4 posters/day, which is 10 days/round, which is 3 months to complete, and I think that's best case. This thing will die on the vine with anything less. Heck, fantasty football will be starting by then.