p.s.: I've only sent in my draft picks so far and already assembled my team :)

How is that possible? The draft implies that the player who gets the right to choose players first in the first round of the draft (in our case, in the first group of players) gets the last pick in the next round, and so on. According to this principle, the draft was supposed to work, so the teams can't be formed until all the captains have sent in their lists.
The idea that the person who sends in the list first gets the right to choose first in all rounds of the draft essentially eliminates the draft system itself.