The draft occurs during the postseason. All of the teams select a player from the pool of high potential young players. The teams can set up their top 5 picks by going to the Manage Players page and clicking on "View Prospects" above the free agent roster.
How The Draft WorksEdit
There are 4 rounds. At the end of each round you will see which players or goalies were signed and if your team hasn't had a turn yet you can adjust which player or goalie you want to pick first. As soon as the playoffs start the first round is processed. The worst 5 teams (based on rank) in the league get to pick their player or goalie first (starting with team #20). The second round starts at beginning of the 2nd playoff series, the third round at the beginning of the 3rd series, and the fourth round at the beginning of the 4th series.
The worst teams get to choose first until the #1 team has chosen. After the fourth round all the remaining players will be moved to the free agent roster and can be picked up by any team in the league.
Improving your scouting can help reveal more of the stats that a player on the draft list has. It can be improved under finances. However, this costs a lot of money.