As the draft host, it's your responsibility to make the day into a real party. Owners expect it -- it's part of the tradition.
Refreshments are important. For a draft at home, you can provide food and drink yourself or ask your owners to bring what they prefer. Given how busy you are going to be with your other duties, it's often a good idea to have the whole thing catered. You can charge each owner a fee to cover the cost.
Because the draft is sure to last several hours minimum, you should consider serving "real" food, not just pizza, chips and wings. You might want to turn it into a barbecue, with grilled steaks and chicken. Or you may plan to have all the owners meet at a good restaurant when the draft is over to enjoy fine food and brag about their teams.
Another option is to expand the occasion to include activities like a poker tournament or a visit to a casino. Take advantage of the time together to really enjoy yourselves.