This has only happened once in all professional sports to the NHL in 2004-05.
The loss of the 2004–05 season meant that there were no results on which to base the order of the 2005 entry draft.
The NHL didn't just go with the previous season results for the draft...
The league settled on a lottery system in which all teams had a weighted chance at the first pick. The lottery was tilted so teams with fewer playoff appearances over the last three seasons and fewer number one overall picks over the last four seasons had a better chance of landing higher picks.
And the lottery wasn't just drawing the first three picks
The complete order was determined by the lottery, and the 2005 draft was conducted in a "snake" style, meaning in even rounds, the draft order was reversed.
This means that the pick we own from NY (top 5 protected) has a MUCH better chance because Melo and Amare will not be able to gel into a good season and a crappy pick for the Rockets. And since NY has done poorly the past 3 or 4 seasons, giving them a better percentage.
Also the Rockets 1st round is owned by Jersey (top 14 protected).
So the best scenario is that the Knicks pick is out of the top 5 (but still high) and that the Rockets are in the top 14. And we have Minnesota's 2nd round pick only if it is #31-40 in the 2012 Draft.