ATMs are abundant in 2009. A guy doesn't show up at your house with the money - especially $50 - you tell him to go to the ATM. Then you postpone the start of the draft until he comes back with the money. It should take less than 15 minutes. Everyone has to wait and the embarrassment and the peer pressure and the smack talk is enough of a penalty.
Make this abundantly clear prior to the draft.
If for some reason the guy doesn't have his ATM card with him, then someone has to put the $$ up for him at the draft. It sounds like everyone knows everyone. His best friend should spot him. Then the commish doesn't get caught trying to work this out.

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