The 1972 CFL draft composed of nine rounds where 70 Canadian football players that were chosen exclusively from eligible Canadian universities. The Montreal Alouettes, who had the worst record in the Eastern Conference in the previous season, had the first overall selection.

1. Montreal Alouettes Larry Smith RB Bishop's

2. Edmonton Eskimos Mike Lambros LB Queen's

3. British Columbia Lions Steve Szapka G Simon Fraser

4. Hamilton Tiger-Cats Tom Walker FB Waterloo Lutheran

5. Montreal Alouettes Peter Paliotti WR Loyola

6. Hamilton Tiger-Cats John Harris T York

7. Hamilton Tiger-Cats Mike O'Shaughnessy DE McMaster