Here is the latest information on the 2017 WWE Draft. While the plan was to delay the Draft until after SummerSlam so it wouldn't be so soon after the "Superstar Shakeup," Vince McMahon hasn't made up his mind yet and is still considering doing a Draft before SummerSlam.
He doesn't plan to make a final decision until after the negotiations with Impact Wrestling over the "Broken Hardy" intellectual property are complete. With AJ Styles still earmarked for a switch to Raw in the Draft, there is talk of sending Jeff Hardy to SmackDown to replace AJ as one of the top babyfaces on the brand.
In this scenario, Matt Hardy would remain on Raw doing the Broken Matt gimmick while Jeff would be on SmackDown as Jeff Hardy, not Brother Nero. Also, it's possible Seth Rollins is sent to SmackDown as a heel since Kevin Owens is currently the only top heel for the blue brand.
The timing of things could be altered by how long negotiations take with Impact and whether a deal gets done with them at all. Triple H has been urging Vince to wait until September to do the Draft, but it could end up being something done on short notice the way the shakeup was.