The Florida Panthers finished the regular season with the fewest points and had the best chance to land the No. 1 pick.
But Colorado, which had the second-worst record and had just an 18.8 percent chance in the weighted lottery, earned the right to pick first in the June 30 draft.
Portland Winterhawks defenseman Seth Jones was recently named the top-ranked player eligible for this year's draft, NHL.com reported.
The Panthers will select second and the Tampa Bay Lightning, Nashville Predators and Carolina Hurricanes will round out the top five.
This year's lottery was the first in NHL history in which all 14 clubs not qualifying for the Stanley Cup Playoffs had a chance at winning the right to the No. 1 selection.