I had a whole long thing explaining my reasoning behind everything, but IE crashed on me. Holy fleurking schnit...
Anyway, what I think is going to happen is that Vince isn't going to allow the GMs to pick their own guys. After what he said about Eric and Paul giving favors to their favorite guys, I think he'll make the top 30 picks himself, then leave everything else up to the drawing.
This is how I'd do it:
===
RAW's picks
Chris Benoit
Randy Orton
The Rock
The Undertaker
Kane
Booker T
Shawn Michaels
Mick Foley
Edge
The Big Show
Batista
Mark Henry
Rikishi
Matt Morgan
A-Train
SmackDown's picks
Eddie Guerrero
John Cena
Kurt Angle
Triple H
Ric Flair
Rob Van Dam
Chris Jericho
Christian
Matt Hardy
Rhyno
Sean O'Haire
Hardcore Holly
Lance Storm
Billy Gunn
Nick Dinsmore
From there, Vince will swap the Cruiserweights and the Women (putting all the Divas on SmackDown, whether they're wrestlers or not), so...
RAW gets
Chavo Guerrero
Rey Mysterio
Tajiri
Scotty 2 Hotty
Jamie Noble
Billy Kidman
The Hurricane
Spike Dudley
Nunzio
Shannon Moore
Paul London
Ultimo Dragon
Akio
Funaki
SmackDown gets
Victoria
Molly Holly
Trish Stratus
Lita
Shaniqua
Stacy Keibler
Torrie Wilson
Sable
Miss Jackie
Jazz
Dawn Marie
Nidia
Gail Kim
Ivory
Jacqueline
Lilian Garcia
Terri
Since that puts SmackDown at a three-person advantage, Vince makes a judgment call and puts Sakoda and the Dudley Boyz on RAW to keep their groups together.
Then, the lottery is held to decide where the rest of the superstars will go. These are in a fairly random order (to make it look like it's really random

).
RAW draws
Sylvan Grenier
Rosey
Christopher Nowinski
Rene Dupree
Bradshaw
Orlando Jordan
Jon Heidenreich
Danny Basham
John Hennigan/Johnny Blaze/Johnny Spade/"Little Johnny?"
Rodney Mack
Doug Basham
Rico
Nova
SmackDown draws
Mark Jindrak
Val Venis
Scott Steiner
Tommy Dreamer
Rob Conway
Chuck Palumbo
Maven
Shelton Benjamin
Charlie Haas
Steven Richards
Garrison Cade
Test
Johnny Stamboli
The announcers are divided up next.
RAW
Play-by-Play = Michael Cole
Color Commentary = Jerry Lawler
Backstage = Al Snow
SmackDown!
Play-By-Play = Jim Ross
Color Commentary = Tazz
Backstage = Jonathan Coachman
Then, to run the shows, Vince appoints three-person committees.
RAW's general manager is still Eric Bischoff, but Stephanie McMahon will be overseeing him, and William Regal will be the "Enforcer"-type guy. Over on
SmackDown, Paul Heyman continues to run things, but he gets Steve Austin as his new sheriff and Shane McMahon breathing down his neck.
Oh, and Theodore Long goes to RAW and Bill DeMott does stuff for SmackDown. I couldn't figure out what to do with those two

===
That was a good deal of work, and that's just about everyone (using the WWE.com rosters as references).
So, if you don't like it...piss on you, 'cause that was hard.
Thoughts?