I still think it's easiest to make it a $20 buy in, no corals. $20 = $20 to everyone

Fees collected prior to drafting, if you don't pay, you don't draft.
I also think regular season winner should win some $$. No sense in kicking butt all season, just to lose in week 1 or 2 or payoffs.
I did something simple like, in a 10 man league where 8 make the playoffs, like:
End of regular season champ gets $40
4 winning teams in round 1 get $20
2 winning teams in round 2 get $20
League Champ gets $40
This way, half the league can actually win their entry fees back if they win a playoff game. If you win the regular season, and the playoffs, you can sweep up $120 - nice payoff for great season.