Yes. And then there are 5 further rounds where expansion teams can pick from any team, BUT only 2 further players combined from a single team, so the max a single team can lose is 5 Players.
As 4th place I'd lose my '3rd best player' first.
First 15 rounds:
Everyone protects 1.
1st and 2nd place lose a player
Everyone protects 1.
3rd and 4th lose a player.
Everyone protects one.
5th and 6th lose a player.
Everyone protects one.
7th and 8th lose a player.
Everyone protects one.
9th and 10th lose a player.
Repeat x 2.
Last 5 rounds:
Everyone protects a player.
Expansion teams choose a player each from any team (as long as they haven't already lost 5 players)
Repeat x 4