First off, 20% of the tags for each hunt will be available only to those with the most bonus points for that species (max points). For example, if a unit has 100 tags available, 20 of those tags will go to those with the most bonus points first. Now, at this point the computer will look at every elk application and assign random numbers to the application and bonus points (an application + 2 bonus points will give you 3 random numbers). If the max points is 15, than those with 15 bonus points will have a first crack at those 20 tags. If no one has 15 points, or if not all the tags are chosen by those with max points, those with 14 points will have an opportunity at the tags, and so on until the 20 tags have been distributed.
Now comes the process for the other 80 tags. If a hunt you have chosen for 1st or 2nd choice is available when the computer looks at your application you will be selected. If no tags are available your application will move on to the second round where the computer will look at everyone's 3rd, 4th, and 5th choices. If no tags are available after the computer looks at choices 3-5, you will be issued a bonus point. FYI, it makes very little sense at all to ever apply for a bull tag on the 3rd - 5th choice. Almost without exception, all the bull tags are selected during the first draw round, where the computer looks at everyone's first two choices. Often times cow tags, or limited opportunity hunts may be available during the second round, however, the bull tags are long gone. Basically, you have to have a low number to draw, or max points. Another FYI, not all people with max points will get a tag that year either. If there are more people with max points than there are tags available for a certain hunt, the computer will look at the random numbers assigned to each application and choose those with the lowest numbers first. If everyone with max points applies for the same hunt, someone's not going to draw. This probably only happens when someone puts only one choice on their application and they still just aren't quite "lucky".
I hope this clears things up for you. You better be quick though, today is the last day to have your application in to Game and Fish. All application must be RECEIVED by TODAY.