draft picks will never be thrown out. Teams have made trades and sold / bought these picks and ther is no way a team will get screwed out of their rightfull compensation.
Another possibility is to hold two drafts on the same weekend. The first would be for the players who were elligable for the 2004 draft and the second for those elligable for the 2005 draft. That makes a lot more sense to me.
I think you mean 05 and 06 draft. Otherwise, I agree, although, as I said before, you would need to make it a week long event:
Originally Posted by h-bear
For example: Have all the players who were 2005 draft eligible drafted Monday and Tuesday. Give the teams some time to collect themselves, make some trades, etc. for Wednesday, Thursday. Finally, have the 2006 Friday, Saturday. That way trades are still respected.