It's likely that when you look back on the season, you would have been able to build a stud team with half the cap space. For example, last year in my auction league people got guys like Calvin Johnson for $7, Forte $9, Chris Johnson for $3, Kurt Warner for $1, DeAngelo for $8. If you follow the drafting logic, Chris Henry will likely be a very cheap WR, probably a $1. McGahee, though he may not start, he'll play alot and be cheap. Julius Jones will be very cheap. I think you could likely load up on those mid round starting backs that are falling for very decent value and also nail top WR and QB talent. A guy like Braylon Edwards will have good value.
It seems to me that people spend so much money on getting a starting lineup filled (if you look at mocks in magazines) that any player typically drafted in the 2nd half of a draft, say like 11th round and beyond likely all have $2 or $1 value, so you can get much more out of that part of the draft. While some guys may spend 80% of their cap to get 3 first rounders on their team, if you spend prudently, you may be able to build a real solid team with all 4th-8th rounders (just a guess). Guys like Matt Ryan, Matt Schaub, Palmer, or whoever else you like, take on even MORE value than in a draft because while these guys can get snapped up in the 8th and 9th rounds by people who already have starters, those same guys in an auction aren't going to want to spend a whole lot on them if they've invest $20-30 or whatever into a Rodgers or Peyton. You may be able to get those guys as a starter for $2 or $3, which in translation, turns into like 14th round value in a draft.
I love auction leagues. It's so much more dynamic and strategic than a draft but if you are with a bunch of guys that all they ever know is a draft, it's pretty darn hard to break that mental barrier that "I'd have no idea what to do in an auction" "I'm afraid I won't like it" "I'm afraid of messing up and making mistakes and throwing my money away"