Regarding Keepers:
1) You can designate up to 3 players as a Keeper
2) The draft position of the Keeper is determined by the previous year's draft position plus one (If #3 last year, he will be #2 for upcoming year).
3) Only those active on your roster at the end of the season are eligible to be drafted.
4) If you wish to designate a player you picked up during the last year as a Keeper, he will be your 15th pick in the draft. If you select another pick up, he will be your 10th round pick.
5) Pickups who were previously drafted, released, then picked up by you, he will maintain his original draft position, plus one (if picked #3 by original team, then dropped, and then picked up by you, he becomes your #2 pick), OR, waiver wire pickup (15th pick, 10th pick or 5th pick) which ever is higher.

Clear as mud!