A question about FA pick ups, and waiver wire moves

[chibob]

I am interested in knowing how different the two are handled within your leagues.

In the one I am in, we run pick ups at 01:01 Eastern on Thursdays, so everyone has 2 full days to get their chit together. First choice goes to the team with the worst record, and everyone can make as many pick ups they desire.

We intended to do the same, , run the waiver wire pick ups from Thursday through Sunday 01:01 Eastern and this pick up would be based on the prior run, with the first choice going to the team who either had the last choice on the ednesday run, or didn't claim anyone at all. But now some members want it wide open all the time.

Also should mention there is a fee to drop, and another to ad with 1/2 the funds going to the winning team, and the other half used for a party

Any opinions regarding the most fair system, would be appreciated.

Thanks in advance

Sweet Lou