I guess it depends on how exactly the lottery is done. If it's a big bin of tumbling balls or some elaborate formula run on a computer.
The lottery (NBA uses this method now too) is conducted with 14 numbered balls. Four balls are drawn. There are 1,001 possible combinations and one combination is not assigned (presumably 11-12-13-14). The remaining 1,000 combinations are assigned to the various clubs.
The worst team has a 25% chance (250 combinations). The second worst team has 18.8% (188 combinations), so on and so forth.
Pet peeve of mine is people still thinking it's the old NBA way of teams having X number of ping pong balls with their logo on it.
If the Devils are in the lottery, they would participate like normal. If they win, everybody will get their Nelson-esque "HA HA" moment while every Devils facepalms and mumbles obscenities.
In the record book, the pick will appear as forfeited. This was a picture I took from the 2011 Draft when the Devils had to fork over a 3rd rounder as part of the Kovalchuk penalty.
Ie, they skipped from #68 to #70. So if the Devils were to hypothetically be #8. The draft order would officially go from #7 to #9. Not sure why they just don't renumber, but that's just splitting hairs at that point.