Per IHL Rules & Regulations, any player not protected by a Member Club on its final roster shall be placed in the Waiver Draft. The number of rounds is not limited and shall continue until all Member Clubs have "passed". As a Member Club chooses a draft pick, they must then remove a player from their final roster. The removed player would become eligible for the draft. Should a Member Club submit a final roster with less than the allotted number of players, they shall be able to add a draft pick without deleting a player.

The order of the Waiver Draft is based on winning percentage during the 2007-08 season, with the lowest ranked team choosing first.

ROUND 1
Muskegon Mike Olynyk, F- Port Huron (delete Chris Kovalcik, LW)
Flint Chris Kovalcik, LW- Muskegon (delete Brett Westgarth, D)
Port Huron Pass
Fort Wayne Pass

ROUND 2
Muskegon Pass
Flint Pass
Port Huron Pass
Fort Wayne Pass