What is the significance of being the "first draft pick" in a US sports team?

Question

What is the advantage to the player? Why did China want Yao Ming to be the "first pick", as a condition for him to be drafted into the NBA? Is it just a prestige issue?

Answer 1

u get picked #1 because of the caliber of player u r. to be the first pick means that many teams want u and the team with the first pick is gonna get u asap b4 any other team gets the chance.

and u do get a higher contract agreement... (more $$)

Answer 2

cuz out of every single player in the draft, they were the first so its pretty much jus to rub in ppls faces

Answer 3

The higher u are picked the more money u get as a rookie...

Other than that it is very overrated