Yes and no. That is why I was asking earlier how you guys wanted to preceed with this. Right now I have that for every player you keep, you give up the earliest round possible (e.g. if I keep three players, no matter their projections, I lose the first 3 rounds). I thought about doing it the way you are saying, but since this is the way we agreed to do it last year and nobody has had any complaints then I kept it that way. We still have time to change it though, so if people prefer the method you mention then I will happily change it.
Also don't forget this is the first time we do keepers, so we are still learning about it. The rules from season to season could change a bit as we get more familiar with the system.