So impressed with Defiant's "Starting a Franchise" thread!
My feeling is that a new franchise would be given a waiver draft. I propose each team may protect six forwards, four defencemen and a goalie. Left exposed are the rest of the roster players and minor leaguers under contract. No team may lose more than one guy. Draft proceeds in order of regular season standings.
For myself, I'd choose Luongo first overall. I base this on the assumption that the Canucks would protect Schnieder. Why Schnieder? Luongo has a No Trade Clause and is able to exercise it. So, why Luongo? I would choose him for asset value, expecting to work something out with either Vancouver or the player.