If you don't know what a draft is, drafting involves building a team using a limited amount of Puppets at your disposal, then competing with that team against other draft teams. It's basically a tournament where a player selects from a Pool of Puppets. Of course, if one player selects a puppet, another player cannot select the same puppet and must go with a different one. The order of which players get to pick is randomized, and the draft goes on until every player has a full roster (anywhere from 10 to 15 puppets). The draft picks occur only once, so if you miss it, you'll have to wait until the next draft.
After all players have a roster, they must build teams to fight against other teams. Of course, since the team limit is 6 in standard matches, opponents can use any of the 10-15 puppets in their roster. Counter-teaming is optional, but recommended.
The tournament is a Round Robin, which means every contestant has to face off against every other contestant at least once in a match of best 2-out-of-3. Once the Round Robin is over, the 4 best contestants (i.e. The four that win the most matches) face off in the finals.
The reward is, more or less, bragging rights.
The previous draft was limited to all puppets used in Standard Play (nothing banned, like Speed Aya). This time, however, the plan is to have players use Underused, or UU puppets only. Puppets that are considered Underused can be found here:
http://thpp.supersanctuary.net/forum/index.php?topic=225(All Puppets NOT
Bolded are considered UU. Ubers, like Sendai and the X Puppets, obviously do not count.)