If it's dynasty my league doesn't reset the waiver order. It began as the inverse of the draft order before the first year started, and since then whoever is on top is whoever hasn't picked up as many players on the waiver wire yet. It adds a bit of worth to the waiver wire, less players being picked up for the sake of it and instead being punced upon in FA if they aren't rated highly enough. It's also a trading option. I had the top waiver for about half a year, and was trying to get a trade through and offered my number 1 spot as well.
Mind you, this is a league with rosters of 34 players each at the end of each rookie draft and then when FA starts you can pick up another six, so huge rosters (Though it includes IDP, but most of the time the rosters are filled with 8 WRs, 8 RBs, 3-4 QBs each). So there isn't that much talent on there and you're pretty much waiting for that one out from no where stud.