11 or whenever your money runs out and you have to go for frees. Whichever happens first, no transfer funds then you can't draft really.
Although that does raise the question of someone going hard early and then scooping up frees.
Might be an idea to allow people to be going for frees now?? At the same time?? What do we think lads?
As far as I know, if any teams squad is lower than the minimum 20 on the day of the first game then Soccer Manager will fill the squad up to the minimum with free agents (presumably the cheapest)
I say hold off on the frees until the draft is over, shouldn't make too much of a difference really. Though feel free to have a free agent as your normal draft pick, bit risky maybe, Rui Patricio and Sporting players are available.