I can only speak to Real Time, but...

While I like my teams (although they are terrible this year)and would prefer not to redraft, I think it may be necessary. As someone rightfully pointed out below, the number of managers leaving exceeds new managers and the game really is dying a slow death. On average, RT leagues have six unmanaged teams and the number creeps up every year. In 98RT2, the entire western division of the senior circuit is unmanaged!

Mike does a very good job with unmananged trades, but it reminds me more of trading with the computer in a video game. For me, it's not nearly as fun for all of the same reasons other managers have listed in the threads below. And while you can build the team you want over the long term, very few new managers have the patience to wait three years. Given the cost, I certainly can't blame them and the formation draft is really fun.

Since there hasn't been a formation draft in four years or so, there seems to be lot of pent up demand, especially from managers that have never had the opportunity. In my opinion, if there is no re-draft, PB will continue to lose managers and the managerless situation will only get worse. If there is a redraft, managers will flock to those new leagues with some abandoning their other teams causing the managerless situation to get worse in non-redraft leagues.

So, I vote redraft. PB will have to have new leagues if the marketing campaign ever gets off the ground anyway.