The Rule 5 Draft is held annually on the last day of baseball's winter meetings. This year it will be December 7th. The changes to the collective bargaining agreement allow for another year of protection for young players not on the 40 man roster.  For an overview of Rule 5 Draft, go here and realize that the number of years that a player is protected has moved from 4 to 5 for those under 18 when they signed and 3 to 4 for those over 18 when they signed.  For a list of all Rule 5 picks since 1998, see this.  The most famous Rule 5 picks include Roberto Clemente, George Bell, Dan Uggla, Dan Kolb, Bobby Bonilla, Darrell Evans, Kelly Gruber, Mike Morgan, Scott Podsednik, Johan Santana and Derrick Turnbow (oops).  Turnbow actually did not achieve success until he was picked up off waivers by the Brewers from the Angels (the team that rule 5 drafted him).

The Phillies have done rather well recently in the Rule 5 Draft.  Fabio Castro was the number one draft pick last year by the Kansas City Royals.  He was later traded to the Texas and then the Phillies for Dan Haigwood (the "other" pitcher in the Thome trade).  The Phillies also picked up Chris Booker for cash.  In 2004, the Phillies selected Shane Victorino, who was later offered back to the Dodgers, who refused him.

Here is my best thinking on who the Phillies will protect for the upcoming draft.  First, a team has 40 spots on their aptly named 40-man roster.  The Phillies, as of Monday, have only 30 players on their 40-man roster.  Among those who are not protected and would be subject to being taken in the upcoming draft are Joe Thurston, Randall Simon, Jim Crowell, Dan Giese, Tim Gradoville, Brennan King, Seung Lee, and Travis Minix.  These are the guys who I think teams may have any interest in drafting.  Feel free to add someone if you think there is another prospect that deserves mention.  I think the Phillies would be smart to protect Minix and Lee.  Lee because of the price they paid for him and because he still may have potential and Minix because he could contribute to the bullpen.

Thurston and Simon were just outrighted to AAA, so they won't be protected.  Gradoville was outrighted at the end of the season.  I just don't see the Phillies being worried about losing Giese or King.  Jim Crowell is a lefty with a good GO/AO ratio, so there is a good chance he will be taken if not protected.  I'm not sure how they feel about Thurston.

Players who are NOT subject to the draft include Joe Bisenius, Gio Gonzalez, J.A. Happ, Jason Jaramillo, Kyle Kendrick (all the AFL guys minus Floyd).  Basically everyone in A or below is safe as well.  Everyone who was safe last year is again safe this year because of the change in the CBA.

Just because the Phillies have room on their roster does not necessarily mean they will be looking to draft someone.  The type of player they will be looking for is someone who can contribute or be traded.  I don't think they will be looking for a "project" that will need to be stashed on the 25 man roster.  Also, being that the draft is early this year, their roster has much less shape than it has in years past and they will most likely not want to hamstring their efforts to find quality arms or bats by having one less spot.  They also may draft a player for another team.  Generally, Rule 5 picks are traded quickly after the draft, if they are going to be traded.