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For each position you'll set a salary cap. This represents the amount that you are willing to spend during the draft on that position. When it's your turn to select you will receive the highest player on your draft list that you can afford under the salary cap that you set for the position. If you do not have enough money left under your cap for the highest remaining player on your list you will skip down to the highest player on your list that you can afford. Remember that you are required to select a minimum number of players per position so that the available amount you have to spend on any one player is the amount remaining under your cap less $100K for each player you have left to draft at that position.
Let's say that your salary cap for SPs is $7,000K and you spend $4500K on your first SP. That means that you only have $2500K left for your remaining five SPs. The most you could spend on your second SP, however, is $2100K as you would be required to save $100K each for the remaining four SPs.