The answer actually varies depending on the draft and the round.

The evening after each draft until the next round starts you can edit your list.

BUT...there is not a break between every round.

For the rookie draft you can edit after round 1 and again after round 2 but no more.

For the YEARLY FA draft you can edit after round 1, again after round 2, then not until after round 5 and no more after that.

For RT leagues in the monthly FA draft, there is no chance to edit the list between rounds.

Here are the schedules for the drafts:

Rookie Draft
A Rookie draft consists of 5 rounds of picks. The draft is conducted in three successive days with one pick being made on each of the first two days of the draft and 3 rounds on the third day of the draft.


Yearly Free Agent Draft
One pick is made the first two days of the draft with 3 picks being made the last two days of the 4-day drafting period.

Monthly Free Agent Drafts