Claim: The 1998 NFL Draft was held on April 18 -- 19 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 .