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Here is one solution that has occured in the past.
All unmanaged teams, plus any owners, dump all their players in the pot. Those teams then draft from that pot.
If we had 6 unmanaged teams and three owned teams also wanted part of the draft then you dump those players from those 9 teams and those 9 teams redraft from the available players. Its really only for bad teams and unowned teams, but gives any new owners of those managerless teams a chance to get players of their choosing.