You have the essence of the draft.
The teams pick in reverse order of how they finished. Each team is suppose to have the same number of A/B/C players. Each year some teams mix things up, while others try to remain the same.
Each year the teams can reserve 6-8 players as long as they fit the skills profile. This year the top teams ended up with 5A, 5B, and 5C. While the bottom teams ended with 5A,6B, and 4C.