@ossobuco,
That's it. You can always pick from the pile of unchosen guys, but someone else may have their eye on the same guy. If that other owner gets in first, or if that owner picked as #1 vs. your #2 (I'll explain that in a second), the other owner will get the player.
What I mean by #1 vs. #2 has nothing to do with the draft. What it means is, if you decide you need three guys, say, Moe, Larry and Curly, you go in and click on their names to add them to your roster (at the same time, you also have to dump three guys on your team unless you're replacing someone who's injured). Let's say you click to add them in this order:
- Moe
- Larry
- Curly
If no one else wants them, you'll get them. But if I also pick Larry, and he's my only waiver selection right now, he's, by default, my #1 pick. Between the two of us, I will win him because he's my #1 pick and he's your #2 pick.
Because of this, it pays to not do wholesale changes at any one time unless you're sure that the player isn't desired by anyone else (and then it tends to hardly be worth it to grab a particular player). What I'm saying is, unless your team bus overturned, or they're all out with the flu, it's best to pull guys from waivers one at a time, if you can.