There's no other event on the NFL calendar that gives teams the chance to infuse their rosters with young talent quite like the NFL draft.

The most capable teams not only stockpile draft capital, but they trust their talent evaluation process to hit on players that fit their schema. And the very best teams are the ones who can detect value and discover players who can contribute in the later rounds. The most famous example of this was in the sixth round of the 2000 NFL draft, when the New England Patriots picked a quarterback out of Michigan named Tom Brady with the 199th overall selection.

The late rounds are where some teams separate themselves from the rest of the league.

Here are some basic things you need to know about the NFL draft.

How many rounds is the NFL draft?

The NFL draft is seven rounds, held over the course of three days. The first round takes place on the first day of the event, Rounds 2 and 3 on the second and Rounds 4 through 7 on the third.

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In 2024, there will be 257 total selections made over the seven rounds, with 34 compensatory picks being allotted to 14 different teams, starting in the third round.

When is the 2024 NFL draft?

The 2024 NFL draft will take place in Detroit, with the first round beginning Thursday, April 25 at 8 p.m. ET. The second and third rounds are scheduled for Friday, April 26 at 7 p.m., and the remaining three rounds will begin Saturday, April 27 at noon ET.

How to watch the 2024 NFL draft

Live coverage of the NFL draft can be found on ABC, ESPN, ESPN Deportes and the NFL Network.

Streaming coverage is also available on ESPN+, YouTube TV, Hulu+ Live TV, Fubo TV and Sling TV. 

Who has the No. 1 pick?

The Bears have the No. 1 pick this year after acquiring it from the Carolina Panthers last year.

The Panthers traded two first-round picks and receiver DJ Moore to the Bears last year in exchange for the No. 1 pick of the 2023 NFL draft, which Carolina used to select quarterback Bryce Young first overall. The Panthers went on to the finish 2023 season with a league-worst record of 2-15. That means the 2024 first-round draft pick that Carolina traded away to the Bears in 2023 will be a No. 1 pick this year.

The Bears have the opportunity to make two top-ten selections this year — Chicago also has the No. 9 pick.

USA TODAY Sports' Cydney Henderson contributed to this report.