1. Talk to recruiter.
2. Take ATSB.
3. Apply.
4. Get physical and do fitness test (PRT).
5. Find out if you are pro-rec (initial acceptance).
6. Fill out security clearance application.
7. Submit final documents.
8. Find out if you are final select (final acceptance).
9. Sign contract and swear in.
10. Make ass load of money.
11. Sit on ass.
12. Retake fitness test once every 6 months.
13. Talk to recruiter twice a month and meet face to face once a month.
14. Graduate and go to OCS, followed by advanced training for your job.
BDCP allows you to apply for nearly any job you want in the Navy without committing service. This means you hopefully will not get stuck at a job you hate (but it can happen if you slack or are worthless). Once you swear in it starts your clock, meaning if you swear in your junior year in March 2004 you can retire at your 20 year mark in March 2024.
If you are applying with a non-technical degree, like I did with Commercial Aviation, you can only apply when within 24 months of graduation. If you are technical, like engineering, you can apply when within 36 months. Also, you do not need a specific degree for a specific job. This means you can cruise through college as a history major and end up a Naval Aviator.
I hope this helps.
Tom