Sounds like you've got an auction league on your hands, Miguel. Those are an awful lot of fun, if done properly.
The best advice I can give you is this: don't go overboard on any players early. If Peterson or Turner are thrown out there (nominated), don't spend $75 of your $300 on one player. Wait, and you'll definitely find good value later in the draft.
Which brings me to point number two: have some excellent - or really good players - in mind for later in the auction. If nobody nominates Slaton early on, don't throw his name into the hat. Wait several rounds (once everyone nominates someone, that's considered a 'round'), and then put his name out there. You'll find many people have already spent a good chunk of change.