Update: please go to Twinkie Town for a correct and updated draft order tracker
The 2012 draft class may be described as weak compared to the 2011 class, but apparently the High School crop is better than last year's. And very deep, too, which means that AA will have plenty of possible high school picks with upside to choose from with those extra draft picks that the last year of Elias Rankings-based compensation brings us.
Note: because of the modified type-A free agents, there is more uncertainty in the draft order than ever. For example, Kelly Johnson signing with the Astros would mean he gets the Jays a second round pick, but if he signs with the Tigers they get a first round pick in front of the Tigers' pick, meaning every pick beyond the 26th has moved down one spot. Because there are 5 of these modified type As remaining (Bell has signed), the current number 26 pick (for example) could be just number 26, but it could also be all the way down to number 31. Only the 1-15 picks and the picks that are compensation for unsigned 2010 picks are locked in place.
I won't list the extra picks caused by modified type As because we don't know where they'll end up, but keep in mind that they're there. A * denotes a compensation pick for an unsigned 2010 pick (btw, these are no longer unprotected in the 2012 draft). Italics mean a player has not yet signed elsewhere, so the pick is not certain, while picks that didn't come to be, due to a player staying with his club, are listed with a strikethrough. Jays picks are in bold, with the variation in possible position in brackets.
-----First Round-----
1. Houston Astros
2. Minnesota Twins
3. Seattle Mariners
4. Baltimore Orioles
5. Kansas City Royals
6. Chicago Cubs
7. San Diego Padres
8. Pittsburgh Pirates
9. Miami Marlins
10. Colorado Rockies
11. Oakland Athletics
12. New York Mets
13. Chicago White Sox
14. Cincinnati Reds
15. Cleveland Indians
16. Washington Nationals
17. Toronto Blue Jays (17-18)
18. Los Angeles Dodgers
19. Los Angeles Angels
20. San Francisco Giants
21. Atlanta Braves
22. Toronto Blue Jays* (22)
23. St. Louis Cardinals
24. Boston Red Sox
25. Tampa Bay Rays
26. Arizona Diamondbacks
27. Detroit Tigers
28. Milwaukee Brewers
29. Texas Rangers
30. New York Yankees
31. Boston Red Sox (from Phillies)
---compensation round (type A)---
32. St. Louis Cardinals (Pujols)
33. Milwaukee Brewers (Fielder)
34. Texas Rangers (Wilson)
Red Sox (Ortiz)
35. Philadelphia Phillies (Madson)
36. San Diego Padres (Bell)
38. Minnesota Twins (Cuddyer)
39. Oakland Athletics (Willingham)
40. New York Mets (Reyes)Toronto Blue Jays (Johnson) (35-46)
41. Philadelphia Phillies(Rollins)Milwaukee Brewers (Rodriguez)
-----(type B)-----
42. Cincinnati Reds (Hernandez)Minnesota Twins (Capps)
43. Texas Rangers (Oliver)
44. Chicago Cubs (Ramirez)
45. Colorado Rockies (Ellis)
46. St. Louis Cardinals (Dotel)
47. Los Angeles Dodgers (Barajas)
48. Chicago White Sox (Buehrle)
49. Minnesota Twins (Kubel)
50. Toronto Blue Jays (Francisco) (39-56)
51. Philadelphia Phillies (Ibanez)
52. Pittsburgh Pirates (Doumit)Kansas City Royals (Chen)
53. Oakland Athletics (DeJesus)
54. Boston Red Sox (Wheeler)New York Yankees (Garcia)
55. San Diego Padres*
56. San Diego Padres (Harang)
57. Houston Astros (Barmes)
58. Cincinnati Reds (Cordero)
59. Pittsburgh Pirates (Lee)
60. St.Louis Cardinals (Jackson)
61. Toronto Blue Jays (Rauch) (45-65)
62. Chicago Cubs (Pena)
63. Toronto Blue Jays (Molina) (46-67)
-----Second Round-----
64. Houston Astros
65. Minnesota Twins
66. Seattle Mariners
67. Baltimore Orioles
68. Kansas City Royals
69. Chicago Cubs
70. San Diego Padres
71. Pittsburgh Pirates
72. San Diego Padres (Bell)
73. New York Mets (from Marlins)
74. Colorado Rockies
75. Oakland Athletics
76. New York Mets
77. Chicago White Sox
78. Cincinnati Reds
79. Cleveland Indians
80. Washington Nationals
81. Toronto Blue Jays (67-85)
Due to the insane number of compensation round picks, the difference between the Tigers signing Johnson (assuming he doesn't accept arbitration) and, say, the Rockies is astronomical: the ~27th pick or the ~76th pick is a big difference. If a team that has already surrendered one or more picks would sign Johnson the results could be a even worse. Jays fans will be hoping the Tigers sign Johnson and don't sign any other type As more highly rated (by Elias) than Johnson.
I will update this list as signings are made.