2 roundpenalty for first year keepers. they stay that round after that, unless dropped and picked up off waivers
Waivers/FA pickups are 16, 15, 17 in that order.
If you traded for a player, it's whatever round the original owner drafted them in.
For example, if I draft a player at 10th round, and trade to you, you lose an 8th round pick if you keep them.
If I draft a player in the 10th round and keep him (I love an 8th round pick next year), then I trade that player to you, you still lose an 8th round instead of a 6th round.
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