NEW YORK - MAY 18: (EXCLUSIVE) Nets owner Mikhail Prokhorov with cultural icon and Nets investor JAY-Z celebrate Prokhorov's purchase of the team at lunch today at JAY-Z's 40/40 club on May 18, 2010 in New York City. Prokhorov is representing the Nets tonight at the NBA Draft Lottery in which the team could secure the first pick. (Photo by Larry Busacca/Getty Images for New Jersey Nets)
On Wednesday, the lottery will be held for the top three selections in the 2012 NBA draft. Thirteen teams will have a chance to win the No. 1 overall pick.
The 2012 NBA Draft takes place at the end of June, but first up is Wednesday night's all-important draft lottery. The 14 teams that miss the playoffs are entered into a drawing for a chance at receiving one of the first three picks in the draft.
The Charlotte Bobcats, who finished with a league-worst record of 7-59, have the best shot at the top pick, with a 25 percent chance. Next are the Washington Wizards at 19.9 percent, the Cleveland Cavaliers at 13.8 chances and the New Orleans Hornets at 13.7 percent. All other teams in the lottery have less than a 1-in-10 shot to win the top pick, all the way down to the Phoenix Suns and the Houston Rockets, who have 0.6 percent and 0.5 percent odds, respectively.
The teams' names will be drawn at the lottery, determining the order for the top three selections in the 2012 NBA draft. All other selections in the first round will be awarded in order of regular-season record, from worst to best. In other words, even if the Bobcats miss out on one of the top three selections in the lottery, they will earn the No. 4 overall pick by virtue of having the worst regular-season record.
The draft lottery will take place on Wednesday at 8 p.m. ET and will be televised on ESPN.
For all news and information regarding the 2012 NBA draft, please stay tuned to SB Nation's dedicated basketball hub.