Correct you could draft someone and you held their rights until like a week or so before the next draft, so a team could wait to make an offer after watching them play more.
The only thing that’s not simple is the pooled money. You don’t know exactly how much a team will have left so do you play the waiting game and get a bumped up offer near the deadline that sways your decision? Or do you wait too long and a different draftee gobbles up what is left.