Terrelle Pryor was yesterday declared eligible for the supplemental draft on Monday August 22nd but he has to miss the first 5 games of this season.
Any interested NFL team can place a bid (in the form of a draft pick i.e. first round, second round, etc) on Pryor and the other players in the supplemental draft and the team submitting the highest bid (draft pick round) for a player gets the rights to that player but has to give up that round's draft pick in the 2012 NFL Draft.
How high of a bid (draft pick) should a team make for Pryor?
I don't see how you can justify taking Pryor before the 5th round. He's got to serve a 5 game suspension (when he can sit in on meetings but cannot practice). He's a very raw prospect at quarterback (a less polished version of Tebow). From what I've read about what the scouts say, he projects better as a receiver (or even a te) than at qb. Even if he agrees to play WR this year, he'll have very limited time to make an impact on the field, and teams generally hate giving up high draft picks.
That's not to say that he can't make it as a qb, but I think that 5 or 6 is about as high as a team should go... although you never know if a team will take a wild stab because they're in love with his athleticism (see the Raiders) or are in a QB quandry with nothing to really lose (see Redskins).