Yahoo league question concerning FAAB

We just switched to FAAB/Continuous Rolling List in yahoo and I have a question concerning the timing of everything. We just had live draft and I entered everyone’s roster and set the waiver priority to opposite of the draft order as we always do.

Someone has now dropped Luck and added a player but it doesn’t seem to have had any effect on his waiver priority. We don’t have Free Agents as everyone is on waivers at all times so what is going on?

Is there a certain date that the FAAB/bidding kicks in?