there is no merit to the change
the problem is that you didn't submit the picks you wanted by the deadline
the solution to that is to submit picks earlier
the change you're proposing is to allow editable picks
this doesn't change the fact that you may still miss the deadline with your updated/latest picks or any picks at all if whatever life event happens on a tuesday and keeps you occupied all the way until saturday 3pm est.
this really doesn't solve the problem at hand, which is some people will find reasons to not put in their "final" picks. like i don't see why you're ok with a pre-entry on wednesday to go through and you not updating your picks.
if you're ok with it, you should just always submit your picks on wednesday
it seems to me you want to get participation points through a safety net, which really isn't the point of the contest. most people wait until fri/sat to submit so they have the most information. yes there is a risk that something comes up in real life and you don't get your picks in. you KNOW waiting until saturday to submit is a risk. you took that risk, and you should accept responsibility for it. all other participants take that same risk. reduce your risk by submitting earlier, end of case. in the grand scheme of things, timing of submission of picks shouldn't really be a deep strategy but i guess for other people it's a much bigger factor requiring real complex set ups of alarms and such /s. i mean, if you know you're going to be busy or if you are just a busy person in general, maybe the contest isn't right for you. i don't know how much more convenient we can make it. you can submit through your phone for christ's sakes.