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.
Interesting article on WWE.com Josh IS Tough Enough...well, sorta When I first read it, I thought, "Man...what a step down." But the more I thought about it, the more I realized that, hell, I'd have taken the job, too.