The purpose of the draft was to establish an orderly process through which WHA teams would stock their rosters by the beginning of their inaugural season later that year.
For the preliminary round which was held in November 1971, each team wrote four names on a piece of paper, which were then submitted and announced prior to the start of the general draft.
Twelve teams took part in the draft: the Calgary Broncos, Chicago Cougars, Dayton Aeros, Edmonton Oil Kings, Los Angeles Sharks, Miami Screaming Eagles, Minnesota Fighting Saints, New England Whalers, Winnipeg Jets, and three then-unnamed franchises based in New York (later the Raiders), Ontario (later the Ottawa Nationals) and Quebec City (later the Nordiques).
The Broncos folded within months, before the beginning of the season, and the negotiating rights to their picks were transferred to a new club: the Cleveland Crusaders.
The Dayton Aeros moved to Houston before the playing season, and the Oil Kings changed their name to Alberta Oilers with the intent of splitting home games between Edmonton and Calgary.