Auction Draft
A fantasy sports draft where owners bid on players
Example
I don't like to spend too much on any one player in auction drafts, instead I like to clean up on talent after everyone else spends their money
Auction draft definition by Slang.net
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An auction draft is a fantasy sports term for a draft where owners bid on players to build their team. In this type of draft, the team with the last pick in the first round has the first pick in the second round, and so on.
The auction draft is one of two main drafts that fantasy owners choose from to build their teams. The other is the "snake draft" or "serpentine draft," where the team with the last pick in the first round has the first pick in the second round, and so on.
In an auction draft, each team has an allotted amount of money, usually $100 or $200, to bid on players to fill their roster. This type of draft is especially popular in a keeper league because it allows the owner to choose his players rather than leaving it up to the luck of their draft position.