Claim: The 1998 NFL Draft took place at the Theater at Madison Square Garden.

The 1998 NFL draft was the procedure by which National Football League teams selected amateur college football players . It is officially known as the NFL Annual Player Selection Meeting . The draft was held April 18 -- 19 , 1998 , at the Theater at Madison Square Garden in New York City , New York . The league also held a supplemental draft after the regular draft and before the regular season .   Before the draft , there was a debate on whether the Indianapolis Colts should select Peyton Manning or Ryan Leaf with the first overall pick ; both were considered excellent prospects and future franchise quarterbacks . Leaf was considered to have more upside and a stronger throwing arm , while Manning was considered a prospect who was NFL ready and more mature . On the day of the draft , the Colts selected Manning due to Leaf 's disdain for Indianapolis . Manning went on to win the Most Valuable Player award in five different seasons , the most of any NFL player ever , whereas Leaf was out of the NFL by 2002 and is considered one of the biggest draft busts in NFL history .