- Original pick
- The immutable identity of a draft pick: draft year, round and the team it originally belongs to. A trade changes rights attached to the pick, not that identity.
- Right
- A contractual claim tied to one or more original picks. A right can be outright, conditional, protected, a swap option, a ranked selection or a fallback.
- Holder
- The team that currently holds a particular right. The holder of a conditional or swap right should not automatically be described as the owner of every pick referenced by that right.
- Convey
- When a conditional obligation becomes the actual pick delivered to the entitled team under the transaction terms.
- Protection
- A condition that prevents a pick from conveying when it lands in specified draft positions. What happens next is determined by the transaction's fallback language.
- Swap right
- A right to exchange draft positions under defined terms. A swap right is not ownership of both picks and may apply only if exercising the swap improves the holder's position.
- Ranked selection
- A right defined by relative order, such as the most favorable, least favorable or second-most favorable pick from a pool of original picks.
- Rollover
- A fallback in which an obligation moves to a later draft year if the earlier pick does not convey. Later-year protections can differ from the original protection.
- Fallback
- The asset or obligation that replaces an earlier conditional right when its triggering conditions are not met. It can be a later first, one or more seconds, or another specifically defined asset.
- Resolution
- The deterministic outcome after the necessary draft positions and dependent conditions are known: which rights activate, which do not, and which team receives each resulting pick.