If you miss the deadline you drop two tiers, whatever the reason. It seems v harsh but there has to be an imperative to pick. One, because clashing picks makes the game interesting and without it it becomes stale, and two to stop people trying to game the system to pick up a Player from a lower tier.
If you really want a lower tier player, go for the best possible top tier player. If you get them, great, if not you might just block someone else.