BTW, I've refreshed the league constitution found in Fantrax at Other -> League Rules Summary. It's intended to reflect what the rules will look like after this June's MiLB draft.
A couple things I want to draw attention to:
1) Prospects may be kept on an MiLB roster until the following MLB conditions are met:
Hitters: 1000 career PA
Pitchers: 50 career X [where X = GS + 0.5(relief appearances)]
Once a prospect has crossed one of these thresholds, he must be promoted to the MLB roster prior to the start of the NPD (see section 2). If a player has exceed this threshold and is not removed from the owner's farm before the start of the NPD, he will be removed from the owner's roster and be made available in the draft.
2) The Annual New Player Draft (NPD) will begin at 9AM on the first Sunday of February every year.
3) Unowned players with no MLB experience that are added to a real life roster can only be added at 8PM ET two days after their MLB debut. So if they debut on Tuesday, they can be added at 8PM on Thursday. Commissioners reserve the right to manually add any such player to actual waivers, and owners can request that any such players are added to waivers.
If anything is missing, unclear, or looks wrong, please let me know.