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.
You may have already seen this already... wwe.com asking on their daily poll: Who would you most like to see sign a WWE contract? With the options being Sid, Bret Hart, Sting, Randy Savage and... Lex Luger.