Three weeks is probably a bit long, most people will know pretty quickly if they have someone they have no use for. I guess people could offer up superstars ie "I have no use for Randy Orton... does anyone want him and if so, who are you offering instead?"
edit - another thing you could do would be to seperate the wrestlers up via their pulling power (main eventers, mid carders etc). Then when drafting the wrestlers, each booker would have say 6 main eventers, 8 upper mid carders, 6 mid carders or something like that.