With their first pick in the 1992 draft, the Cleveland Indians select right-handed pitcher Paul Shuey out of the University of North Carolina at Chapel Hill with the second overall pick.

Shuey reached the Majors in 1994 and spent parts of nine seasons in the Indians bullpen, where he saved 21 games for the club in his career. He was sent to the Los Angeles Dodgers just before the trade deadline in 2002 for veteran pitcher Terry Mulholland and pitching prospects Ricardo Rodriguez and Francisco Cruceta. He spent a year there and eventually re-signed with Cleveland in 2005, but he made just one appearance for the club at the minor league level before eventually retiring. He ended that retirement in 2007 when he played in 22 minor league games and 25 MLB games for Baltimore.

The draft is best remembered as the year the New York Yankees selected shortstop Derek Jeter with the sixth overall pick. Other notable players from the first round of that draft included number one pick Phil Nevin, outfielders Jeffrey Hammonds, Shannon Stewart, and Johnny Damon, and catchers Charles Johnson and Jason Kendall.

A total of eight players selected by the Indians in this draft class would appear in a Major League game at some point. One of their more notable selections, high school outfielder Lawyer Milloy in the 29th round, did not sign with the club and instead attended the University of Washington before beginning a 15-year NFL career as a strong safety for New England, Atlanta, Buffalo, and Seattle.