From WWE.com:
For this historic 2005 Draft, RAW and SMACKDOWN! will each get five draft picks.
The picks will all be drawn at random. RAW will draw from the SMACKDOWN! roster. SMACKDOWN! will draw from the RAW roster.
All RAW & SMACKDOWN! Superstars can be drafted. Champions, Divas, announcers, general managers. Everyone is eligible to be drafted!
The Draft will take place from June 6th until June 30th.
One pick a week per show, until the final week when each show will get two picks.
The first RAW pick will be revealed on June 6th.
The first SMACKDOWN! pick will be revealed on June 9th.
The second RAW pick will be revealed on June 13th.
The second SMACKDOWN! pick will be revealed on June 16th.
The third RAW pick will be revealed on June 20th.
The third SMACKDOWN! pick will be revealed on June 23rd.
The fourth and fifth RAW pick will be revealed on June 27th.
The fourth and fifth SMACKDOWN! pick will be revealed on June 30th.
General Managers are allowed to trade until Midnight on June 30th.