You don't find out the names of draftees until the draft itself which takes place at the end of the season. Each number represents a player but the numbers are different for every team in your league to prevent collussion between teams. To find out more info about the draftees you have to use scouting points. To get scouting points you have to spend game money. You can spend your scouting points on the draft combine, group demo, scouting once and interviewing. These options are explained on the draft page. The grey balls don't mean anything in regards to how good a player is the orange balls are the accurate ones.
With team ratings awful, strong etc are the same as your normal player skills so the higher the better. Low, medium and high are simply sublevels . So So Strong (Medium) is a higher rating then Strong (Low).