The teams traded draft choices for the first time in league history.
New York sent their first round pick to Chicago, which selected Pete Elliott.
Brooklyn traded their second round pick to New York, which selected Lou Kusserow.
Chicago traded their third round pick to Buffalo, which selected Hugh Keeney.
Two of the selections (Ernie Stautner and Levi Jackson) were voided by league Commissioner Oliver Kessing, because the players were juniors and had college eligibility remaining for the 1949 season.