I ran across this today, when my league evolved with an expansion by 2 teams, and I immediately opted to quit my job and become GM of one of the new ones.
When the expansion draft eventually came around, I chose players for the first couple of rounds, then asked my assistant for advice. He suggested a veteran closer, earning a fair salary but nothing that made him overpriced; let's call him Mariano. Running an expansion team under a low budget (curse you, Owner, your budget forecasts plenty of revenue and profits), I didn't want to be burdened with a high payroll right away. But I figured I could trade this guy for someone meeting my needs. So, I drafted him. And then, on a lark, I immediately shopped him around.
Bonanza! Lots of good offers. I pulled the trigger on one. Then I returned to the expansion draft.
When it was my turn again, I asked the assistant to recommend my next pick. Guess who he suggested? Mariano! So, for fun, I went ahead and drafted him again, curious to see if anything strange would occur, either by drafting or by trading. Nope, I dealt Mariano away for another nice haul.
At that point, I went back to normal procedures - this was clearly a cheat, or an exploitation, or whatever you want to call it.
I don't think my original tactic was unfair, though. In real life, expansion teams have been known to draft someone, with a trade already worked out. (Can't cite an historical example, but I'm 99% sure there was one.) Within the game's framework, you can't work out such a deal in advance, so what I did was the closest thing possible, and I think it was within the spirit of the game.
Finding "Mariano" available again as an unprotected player subject to the draft, was where the exploitation became possible. I'm using the recently released version, although I suspect the logic involved would allow the same exploitation in prior releases too.
Usually, the game designers think of everything. There could be a little tweak to bring that principle back in force.
Thanks for reading.