If the lockout lasts an entire season, what will happen with the 2012 draft? How will the draft order be determined?
If the season is canceled and the sides come to an agreement by next June, the 2012 draft should go on as planned. The draft order will be a little tricky. There will be no season upon which to determine the order, and they can't just repeat the 2011 draft order -- that would "reward" teams twice for the same bad season in 2010-11.
The NHL was faced with this dilemma when it lost its 2004-05 season to a lockout. The league settled on a weighted lottery that included all 30 teams. The weighting was based on playoff appearances over the previous three seasons and first overall picks over the previous four seasons.
The NBA would likely adopt a similar system should the 2011-12 season be canceled. It would be a one-time occurrence -- the league would revert to its usual system the following year.