To start, I want to acknowledge that there are good and bad things to almost any league setup. I prefered the 4/2 setup we used to have, but 5/1 is close and, really, someone is always going to be on the bubble unless we let everyone in and there are problems inherent in that too.
One of the things I would really like to look into is a head-to-head league. I know this is hard with the vaugeries of wrestling schedules and match-ups might dictate wins and losses more than whose team is best, but I think some of the fun of Fantasy Sports comes from trash talk and rivalry and that is encouraged more with head-to-head competition. Hell, we already have plenty of budding rivalries in this league, but we hardly ever interact beyond debates over the rules or trades. When was the last time we gave each other crap over the actual performance of a team in a given week? We coudl even make the rule be that you score your opponents line-up each week to give Akin a break.
I do agree on a waiver-wire type of system where you can add\drop guys from your roster each week. It wouldn't be that hard and would keep guys interested as you'd always have an avenue to better your team. This would also eliminate the Supp draft which, while I enjoyed it, is a PITA to run every year.
As to post-season\play-off qualification issues:
I think the answer might be to provide those who don't make the NCAAs some competition of their own so they can finish out. Perhaps the teams that miss the NCAA tournament could submit line-ups anyway and compete for the #1 pick in next year's draft? It would be something to play for and it isn't like the #1 pick is an insurmountable advantage.
As previously stated, I liked 4/2 better, 5/1 is fine though. Especially with the addition of my above idea, it would provide enough incentive. I may have more later, but I've prattled on enough for now.