Once again, every team is open to you in each round. You can choose the same team in all four rounds if you wish.
If all participants lose in the same round, you'll all be revived for the following round.
If there is a winner, but no clear-cut 2nd-place winner (i.e. only one participant survives and the others lose), the others will move on to the next round to fight for 2nd place. The guy who survived will be the winner, no matter what happens from that point on.
So there is more picking in the Divisional Round for 2nd place.