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I actually tried this once, set it up geographically like football does.
I'm partial to Missoula, MT. Don't ask me why, some sick obsession.
Any way, keep it standard, 30 rounds - less than 3 years protected. I like to set the max picks per team to 3 or 4 to make it more realistic.
Timing is up to you, just depends how many RL veterans and rookies you still want in the game when the expansion draft takes place.
Budgets are set by whom ever the new owner is, and you can go ahead and edit that if you don't like what the AI creates.
Whenever I do an expansion to MLB I set it up the first day of the offseason. Then the AI schedules the draft a couple days after Free Agency begins, that way you don't draft someone that you have to quick negotiate arbitration with or an extension to make sure you don't lose them.
Hope this helps!
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"What doesn't kill you only makes you stronger. Except for bears....."
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