While the majority of fantasy baseball leagues use a traditional draft, auction drafts are another great option when setting up your league.
Instead of having a slot each round and needing to wait your turn to pick in a traditional draft, you are able to bid on any player you want when he has been nominated as long as you have the budget remaining to do so. That means you could go all in for a few stars like Mike Trout and Clayton Kershaw, but then you'll be forced to go cheap at several other positions the rest of the way.
There are several ways to play an auction draft. Andy Behrens breaks down how he treats spending on hitters vs. pitchers and why owners shouldn't commit to a predetermined budget when preparing for a draft.