Interesting. I think the football draft is more merit based. In general I think the guys getting drafted in football have produced in college and produced their way to a first round pick. Plus they've been in a program for at least 3 years out of high school so there is more data for teams to determine their draft position. In basketball, the kid may not have been a game changer in his one year but could be a high pick on potential.
Anybody who wants to argue can point to a high percentage of busts in either sport.
But the case I am making is that the kid will have more likely produced for his program in football than basketball. So... to not contend for basketball titles with a bunch of first round picks could be more forgivable as their draft pick being on potential. You generally can not make the argument that a first round football player did not produce at a high level for his football program. IE- the connection between first round pick correlating to actual college stud is, I would argue, higher in football than basketball.