The Draft is a live list and it gets updated similar to how the draft works in sport leagues like football.
You can see an example of The Draft in this contest.
As more judges review your work, and other entries are reviewed, the list adjusts accordingly. This means that entries are added and removed dynamically in real-time.
Often entries will drop off The Draft list by the smallest of margins, but don't be surprised if it bumps straight back on again at any moment.
Once Finalists are announced for contests that use The Draft, the badges are locked and awarded to entrants. Official badges will appear on your achievements page at this time.