Actually it is a display error. What it means is that the owner had a draft list at some point, and that it has run out. The delay that is experienced is exactly the same as delay that occurs when you see the draft list not submitted message. We've made some changes along with a major bug fix (just now), to the automated draft pick code. In case you did not know, it's not strictly from a list or ranking. There is some logic added to try to fill holes for a team.

Thanks
John M.