I am the commish of my league. Our old commish had some personal issues that threaten to cancel our fantasy leagues so I decided to take the reins. Its my first season as Commish and so far, I have gotten alot of praise for what I have done.
Regarding your question...
The way i set up my league is pretty standard.
All players dropped are put on waivers for 2day. Each team has a total of 10 trades before Nov 19, 2004 and a total of 25 free-agent transaction for the whole season. This way, members have to consider every transaction seriously before making the call. Also my roster is set up to hace 17 position (11 starter & 6 bench).
So far no complaints.