Replaced entire top valve - pool draining

Can you tell us the model number of the old valve and the new one?

It's possible that you got a bad valve, but that's not likely. Let's do a little research and troubleshooting before we make that decision .
 
That pretty much says that it's bad. Just to be sure, there wasn't any shipping clips or tags that needed to be removed when installing were there? Maybe a clip under the handle that keeps pressure off the spider gasket until installed?
 

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Small chance, but the handle may have been put on the diverter backwards.
In that case you would be backwashing while the valve is set in filter mode.
Maybe just the spider gasket was not set right.
 
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