Not sure what you mean about no draft held, so I'll try to be perfectly clear in case I'm causing the confusion:
* In 2011, obviously they will use the 2010-11 standings to determine draft order. They will hold the draft, and those players' rights will belong to the team that drafted them in 2011. They may not sign contracts for a while, but they will remain the property of those teams until business resumes and the new CBA rules will apply to their contract dealings.
* If there is no 2011-12 season, I expect that they will again use the 2010-11 standings to determine draft order, but will probably run the lottery again (so there could be a different order in the top 14, but not 15-20).
If there's no NBA season at all next year, the Jazz could potentially have 4 lottery pick rookies in one season (2011: NJ and Utah picks, 2012: GS and Utah picks).
* In 2011, obviously they will use the 2010-11 standings to determine draft order. They will hold the draft, and those players' rights will belong to the team that drafted them in 2011. They may not sign contracts for a while, but they will remain the property of those teams until business resumes and the new CBA rules will apply to their contract dealings.
* If there is no 2011-12 season, I expect that they will again use the 2010-11 standings to determine draft order, but will probably run the lottery again (so there could be a different order in the top 14, but not 15-20).
If there's no NBA season at all next year, the Jazz could potentially have 4 lottery pick rookies in one season (2011: NJ and Utah picks, 2012: GS and Utah picks).