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This is correct I think. Best way to start fairly is an auction given such a hudge number of players.
Edit: I didn't see a cost for keepers, is there a limit or price for keepers beyond the overall limit of 10?
Nothing that has been discussed. A lot of flexibility there. Some want unlimited keepers others wanted a limit. The pervasive thought was that for it to be dynasty you should be able keep your whole team without any penalty or cost.
A compromise to that for balance sake is to allow keeping of a starting lineup basically but that the best teams may also not be able to stash away young talent.