The Kangaroos used their prized No.1 pick to snare Payne, who has impressed since moving from defence into the midfield in the Talent League for the Tasmania Devils this season.
North Melbourne used their second pick - No.15 overall - to snare 24-year-old Teakle, who played six games over two seasons at Port Adelaide before being delisted at the end of last year.
Teakle, Port's mid-season selection in 2022, has averaged 35 hitouts and kicked six goals across seven games for WAFL club East Fremantle this season.
Payne hid his face in his jumper while family members celebrated around him when his name was read out at pick No.1.
"There were a few tears shed," Payne told the AFL website.
"I was just really lost.
"It's been a lifetime dream of mine and for it to come true I didn't know what to think."
Richmond selected 22-year-old defender Jacob Blight from Peel Thunder with pick No.2, while West Coast snared Jack Hutchinson from Collingwood's VFL side with pick No.3.
Hutchinson has produced a series of memorable highlights this year with some high flying marks in attack and his addition helps offset the injury loss of Noah Long (knee).
St Kilda went with midfielder Max Hall from the Box Hill Hawks with pick No.4, and Hawthorn rounded out the top five with West Perth tall forward Jasper Scaife.
Brisbane used their first pick - No.6 overall - to select forward Will McLachlan from the Geelong Falcons.
They added Luke Beecken and Darcy Craven with their second and third picks.
McLachlan, fresh off a six-goal haul, has been reviewed as a replacement for Lincoln McCarthy (knee).
"It's just surreal," McLachlan said after being selected.
"It caught me by surprise a little bit.
"I'm keen to get into it. It's something that's been on my mind for the last few months. I'm ready to relocate."
Adelaide kept it in the family for pick No.7, selecting Toby Murray - the brother of Crows defender Nick Murray.
The Western Bulldogs went with small forward Kelsey Rypstra from North Adelaide, and Carlton selected Cooper Lord with pick No.9.
Collingwood overlooked Teakle with pick No.10 and instead went with ruckman Iliro Smit.
Melbourne (Luker Kentfield), Port Adelaide (Logan Evans), Essendon (Saad El-Hawli) and Sydney (Tony Hanily) finished off the opening round.
Collingwood used their second pick to select Ned Long, who played five games across two seasons at Hawthorn.
GWS and Geelong didn't have an open spot on their list to participate, while Fremantle and Gold Coast opted not to have a pick.
2024 MID-SEASON ROOKIE DRAFT
1. North Melbourne - Geordie Payne (Tasmania/Coates Talent League)2. Richmond - Jacob Blight (Peel Thunder/WAFL)3. West Coast - Jack Hutchinson (Collingwood/VFL)4. St Kilda - Max Hall (Box Hill/VFL)5. Hawthorn - Jasper Scaife (West Perth/WAFL)6. Brisbane - Will McLachlan (Geelong Falcons/Coates Talent League)7. Adelaide - Toby Murray (Adelaide/SANFL)8. Western Bulldogs - Kelsey Rypstra (North Adelaide/SANFL)9. Carlton - Cooper Lord (North Melbourne/VFL)10. Collingwood - Iliro Smit (Eastern Ranges/Coates Talent League)11. Melbourne - Luker Kentfield (Subiaco/WAFL)12. Port Adelaide - Logan Evans (Port Adelaide/SANFL)13. Essendon - Saad El-Hawli (Northern Bullants/VFL)14. Sydney - Tom Hanily (Gippsland Power/Coates Talent League)
SECOND ROUND
15. North Melbourne - Brynn Teakle (East Fremantle/WAFL)16. Richmond - Campbell Gray (Essendon/VFL)17. Brisbane - Luke Beecken (Woodville-West Torrens/SANFL)18. Adelaide - Pass19. Collingwood - Ned Long (Collingwood/VFL)
THIRD ROUND
20. Richmond - Pass21. Brisbane - Darcy Craven (East Perth/WAFL)22. Adelaide - Pass
FOURTH ROUND
23. Brisbane - Pass
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