This should be a good start for you.
Models\FooModel.cs
public class FooModel
{
    public string Key { get; set; }
    public string Text { get; set; }
}
Models\FooModelList.cs
public class FooModelList
{
    public int SelectedFooId { get; set; }
    public IEnumerable<FooModel> Foos { get; set; }
}
Controllers\HomeController.cs
public class HomeController : Controller
{
    public ActionResult Index()
    {
        var model = new FooListModel
                        {
                            SelectedFooId = 0,
                            Foos = GetFooModels()
                        };
        return View(model);
    }
    [HttpPost]
    public ActionResult Index(FooListModel model)
    {
        if (ModelState.IsValid)
        {
            // do something with model
            return RedirectToAction("View", "Foo", new { Id = model.Key });
        }
        // somethings wrong.. 
        model.Foos = GetFooModels();
        return View(model);
    }
    private IEnumerable<FooModel> GetFooModels()
    {
        var dbContext = new FooDbContext();
        var fooModels = dbContext.Foos.Select(x =>
                            new FooModel
                            {
                                Key = x.Key,
                                Value = x.Value
                            };
        return fooModels.ToList();
    }
}
Views\Home\Index.cshtml
@model MvcApp.Models.FooListModel
@{
    var fooList = new SelectList(Model.Foos, "Key", "Value");
}
@using (Html.BeginForm("DealSummaryComparison", "Reporting", FormMethod.Post)) {
    <div>
        Foos: @Html.DropDownListFor(x => x.SelectedFooId, fooList)
    </div>
    <div>
        <input type="submit" value="Submit" />
    </div>
}