Before I get into the details, I want to thank everyone for their contribution to the discussion, especially Inzane and Meeotch. Inzane's initial suggestion of the draft, and the subsequent back and forth between he and Meeotch and others really helped give us an idea how this could work.
Here are the rules we're going to play by for this first draft. If all goes well, we will follow this same model for future drafts. If it's a disaster, we'll make modifications for the next round.

Official FBTB Parts Draft: PoP Edition! by fbtb, on Flickr
What we're drafting: From the Prince of Persia line: ten 7571 Fight for the Dagger and ten 7570 Ostrich Race sets. Each participant is essentially bringing 2 sets to the table. Double draft all the way!
How much $$: These 20 sets were been purchased from Legoland's 50% off clearance. I picked them up today. Say "Thanks, Chief!" And FBTB is covering the cost of shipping to participants, at least for this trial round. Everyone together now: "Thanks, Ace!"
So your entry fee is the actual cost: $24.99 + $2.19 (8.75% sales tax) = $27.18
After we hit 10 members, participants will receive a private message with payment information.
Who: The first 10 forum members who joined before 1/5/2011. TBD on Friday January 7th. Not in the US? No problem!
When: TBD when participants are chosen. But it will be soon!
Why: Why not?
Where: In real life? Probably my Legoratory. Maybe my dining room. Online? In a special draft room we'll make on the IRC chat. Participants will need to familiarize themselves with the workings of the chat before draft day. Don't worry, it's not difficult!
-The first 10 forum members who respond to this topic (TOPIC NOW OPEN @ 12:07 PM FRIDAY JANUARY 7th) and pay the entry fee via PayPal within 24 hours will become our Draft Participants *cue fanfare.* If any of the first 10 posters do not pay their fee within the timeframe, the next person in line gets their spot in the draft.
-All participants must be present in the IRC chat at the designated draft time. If a participant absolutely cannot be present in the chat, they will submit a proxy list of parts in the order they desire them. That doesn't sound like a fun list to make, so all effort should be made to be present in the chat. We will work closely with all participants to arrange a time that works for everyone.
-Large or expensive lots of parts will be broken up. Ace and I are going to make these calls as we sort the pieces, and we will be fair about it. Ex: you will not be getting all 20 ostriches, or 300 tan corner bricks. Trust us to find the golden number; I've got a ton of draft experience.
-But what about the minifigs??? We are currently running a poll about this issue. Whether we split the minifigs into piles of pieces or keep them whole will be determined by FBTB. OMG what have we done???
-The order will be determined by a random drawing of names by the draft organizer(s)
-Once the order is determined, the first participant will select a pile of parts, then the second participant, and so on, until we get to the end of the list. Then we work our way back up the list from bottom to top. Then top to bottom. Etc. This is the serpentine method, and my preferred method. Others may have a different opinion, but they didn't front the money for 20 sets, so they can make like a tree and GET OUTTA HERE.
-All participants MUST have an inventory in front of them during the draft. I don't care if it's on your screen or printed in front of you, you need it. Participants will cross off items after each person's turn. Since we're not broadcasting a video of the proceedings (though we might still work something out on that front,) it's imperative that everyone keep track of what parts are still up for grabs.
-At the conclusion of the draft, FBTB will package and ship out the chosen parts to their rightful owners, who will congratulate FBTB on a job well done and will immediately clamor for the next draft.
-No whining. We're trying to make this as fair as possible. If you don't get a part you want, find another part you like. If you didn't get in this time because I posted in a time and time zone inconvenient for you, we will shuffle the time next round.
Preliminary Participants (bold denotes finalized:)
1. Inzane
2. MisterFubar
3. J30Spiff
4. buriedbybricks
5. doodguy
6. DazHoo
7. mr_joshua
8. Andi
9. unmovedmover
10. Jargon








