I think it's because football players go straight to the club. Draft 'em now....see 'em play in the pros next season.
As baseball draftees spend time in the minors, with a significant percentage never making The Show, there's no immediate impact (except to a bunch of wackos like us).
Perhaps if the Baseball Channel ever starts up, we will see a televised draft.
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From 'Nice Guys Finish Last' by Leo Durocher:
Baseball lives at the center of a never-flagging whirl of irreconcilable opinions.