I am running a hockey league with 40 keepers. I want to have a 5 rounds of draft picks. I noticed that we have 40 rounds of draft picks. How do I reduce 40 to 5?
You'd have to make sure 35 players are pinned as keepers.
So, this year when I started my league I set 30 rounds to build an initial team. Does this mean next year I cannot reduce my draft to 15 rounds? And can I draft 30 players if I have 15 keepers already or will it force me to drop a player to pick up a new one? Having and illegal roster is ok in my league just as long as it is corrected before week one starts.
You can reduce it, but make sure 15 players are pinned as keepers. If you do this, you can't draft 30+15 because without an IR our max is 40 (though we may change that down the line).
What happens to draft picks if you keep to many players and thus the draft will max out the roster. Do you loose the later rounds first?
Yes, you'll lose your later-round picks and the last ones in order from the end up.