I'm thinking HBK, Orton and Christian go to Smackdown and Haas, Reigns and Heidenreich to RAW. If the draft is after Backlash and Jericho loses to Benjamin, I could see him going to Smackdown.
I think Dave Meltzer mentioned several OVW guys will be called up soon, so the draft may be half (3 for 3) current guys and half new guys. That would at least make it feel more like a draft than a trade.
I'm not sure what he's up to when he's not on the card, I would hope it's working out and getting into slightly better shape and working on his in ring skills. He nearly killed UT by being a bit out of shape and sloppy.