To clarify my suggestion:
A Protected player is one that may not be drafted by an expansion team. A kept player is selected after the (still hypothetical) expansion draft. I'm assuming all protected players will be kept; all kept players will not have been protected.
My prefered scheme is still this:
Existing Managers: Select 4 (or 3) players to protect (and, unless either you're a moron or one of your protected players gets injured, keep.)
New Managers: Each manager drafts a total of 6 (or 5) players to be their keepers. These players come from the pool of all those not protected (an no more than one player taken from each continuing team)
Exisiting Managers: Select 2 more players to Keep from their remaining roster - this gives a total of six (or five) keepers.
That is to say that keepers are not limited to three (or four.) That I would definitely vote against.
The following is Copied from the message board: Tait has suggested Ben Lauritsen who was in a basketball leauge (and maybe other leagues) with several of us. Kevin has suggested his co-worker, who I'm sure has a name (and if they eventually get in, hi person I'm talking about, all this is certainly nothing personal.) So we have two additional managers.
That being I can understand 14 and I can understand 16 but I don't get 15.
I was going to object to the 5 keepers bit but if all teams have exactly one player removed from them (as would happen with 3 expansion teams picking) then this would be acceptable.