I never even understood the idea of the drafts, can't they just buy the players they need? I am a Euro, so not too well versed in this, i do watch superbowl and such though. How about posting an explanation of this for us Euros? I would actually like to know what it's about.
The Draft is the annual selection meeting. I guess they do this so that there are no great bidding wars over players who are newly eligible to play, whether they have just finished their college eligibility, or have decided to waive the remainder of it (once you submit your name, get an agent, etc, you are no longer an amateur, and can no longer play college ball).
There are seven rounds, where the team order to select a player's rights is determined by the inverse of how well the teams faired the previous year: Cincinnati was the worst (again), so they pick first each round, and Tampa, who won the Super Bowl, selects last each round. Picks, of course, can and have been traded already, with more to come during the event.
Rights are good for a year, and if a player doesnt sign in that period, he can re-enter the draft the next year (case in point, Bo Jackson, who never signed with Tampa Bay, played baseball exclusively for a year, then was drafted the next year by the Raiders).
What makes it fun is that players are ranked, so it is generally known about when a player should be selected, but there are always teams that 'reach' for a player sooner, or some players that 'fall' due to a lack of need at a particular position, or for personal reasons (Warren Sapp fell a few picks because he was viewed to be a "pot head", for example).
And for every move, good or bad, there is a team of ESPN analysts spewing their opinions - it's kinda fun to watch them make asses of themselves, frankly.
Anyway, I hope this helps a little
EDIT: Oggie can't spell ...