DeltaClock - simple but extreamly efficient scheduling system

There are a few articles describing various scheduling systems out there already, but I am going to present a slightly different data structure which has the potential to be extremely efficient, while maintaining elegance and simplicity. It is based off of the idea of a delta clock, which I first encountered years ago in my operating systems class as an undergrad. I'll describe the algorithm at a high level, and then given an example implementation in Python.