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Yes, you'll be able to readjust your draft lists and salary caps for future rounds after each draft round. You'll likely want to take advantage of this based on your draft position and how much money you actually spent in the preceding rounds – you won't always spend all of the money you allotted for each position so you'll have the option of adding the money you 'saved' into later rounds.
Note that you cannot change your lists or salary caps if you are filling your entire team via the one day draft since all players are drafted in one day.