The worst team would most likely be 6th. If there is a consolation bracket with something to play for next year it keeps all teams engaged the same amount of time unless they were quitting the league entirely.
Having more teams in the playoffs makes it more likely that the top teams don't finish in the money, especially since we only pay 3 spots. Whereas with the draft you still have the whole season to play out. It's not even close to the same thing.
In my other leagues (all 12 teams) one of them only 4 teams make the playoffs but if you make it you are guaranteed to get your money back at the least. Another one 6 teams make the playoffs and it pays 5 spots. That is the league where the 6 teams that don't make the playoffs compete for the 1st pick of the rookie draft. It's worked really well for keeping everyone engaged all 16 weeks.
There are outliers, injuries, and bad luck but for the most part the good fantasy players wouldn't consistently miss the playoffs so it wouldn't really be that much of a penalty to have worse players have better draft picks. We could have a rule that a new player has the 6th choice of picks or whatever in place to combat new people playing.