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Thoughts on pick trading?

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Context: The league I run is H2H, redraft (randomized order), with 2 keepers year-to-year. You can't keep anyone drafted rounds 1–3, and a kept player costs you two rounds higher than the previous year's draft spot. With that in mind ..

We're finally throwing pick-trading into the mix after three years of keepers, and I wanted to get some general thoughts as we figure out the best way to handle it. I'm trying to keep the league both fair and fun regardless.

I originally proposed restricting picks the same way we do keepers, nothing rounds 1–3, but that's not going to fly. I think we're going to get voted to a completely open system, but ideally I'd like to get first-rounders taken off the table; those top 5 or 6 picks in hoops are so much more valuable than in other sports, and I just don't like the idea of a system that lets someone turn a crap team into 3 or 4 first-rounders in a non-dynasty setting. A new owner last season put together a one-win clunker, but with LeBron and Boogie on his team he could easily be looking at 3 first-rounders as his reward, plus his keepers if we'd had pick trading. Could be a one-year glitch, but it does make nervous.

So, very general question: What do your leagues do, and what do you prefer? Have you seen any particular rules jack up a once-lovely league you were in? All related opinions very welcome.

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