I couldn't quickly find the thread, but I remember waiver claims were discussed fairly recently, and JDB asserted that the worst teams get first dibs on players.

Here's an example of a team coming off a 16-0 season getting the 1.2 overall pick in the draft: https://anarchy.myfootballnow.com/player/7679

The player is only available, of course, because (as I've mentioned in other threads) the AI uses all available cap space during early FA without regard for the cash needed to sign draft picks.