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Good ideas
I like this suggestion, if it was held after the normal drafts at the start of the year, so that there were no issues in terms of disappearing picks that people might own.
Unrelated somewhat, but I think one thing that allows people to drop teams easily is the monthly payment method. I'm curious if it would be easier all around to pay a year at a time. This should make the accounting easier for Mike, and give him more certainty to his income for the year. In theory you would buy in for next year after the playoffs ended, so you'd have incentive to stick out the year regardless if your team was doing well, as you've paid for the year. Then new owners could take over teams during the offseason if an owner decides to drop a team.
Fred