The term 'conditional first round pick' is usually used with trades. That means that there are 'conditions' that need to be met for the trade to be valid. A team might trade a first round pick in the 2008 draft to another team on the condition that the team trading the pick does not finish as one of the worst five teams in the league. If the trading team does finish as one of the worst five teams, then they will keep the pick and give up something else. Maybe a first round pick in 2009, or a second and third round pick in 2008.
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The term 'conditional draft pick' refers to when A) there is a trade, and B) compensation will be a draft pick, and C) which pick it will be is based on the performance of the traded player and/or his new team.
An example would be the Donovan McNabb trade from the Eagles to the Redskins in 2010. The Eagles received the Redskins #2 pick in the 2010 draft and a conditional pick in the 2011 draft.
The Eagles will receive either the Redskins #3 or #4 2011 draft pick based on the following conditions:
1) whether McNabb makes the Pro Bowl in the 2010 season, or
2) whether the Redskins make the playoffs in the 2010 season, or
3) whether the Redskins win 9 games in the 2010 regular season
If one or more of the three conditions above comes true the Eagles will receive the Redskins #3 pick. If none of the conditions comes true the Eagles will receive the Redskins #4 pick.