No way you expected Chiarot to be traded for an unprotected first rounder. No one did.
Some Habs fans were hoping for a first rounder but thought it might be had with protection.
What Chiarot signed for a few months later with a team that expended no trading assets for him, has no bearing. It’s all about how some teams tend to overpay at the deadline and some even grossly overpay.
Please don’t move the goalposts by citing other transactions in completely different environments that have nothing to do with how some teams will act in an irrational manner in their quest to load up for the playoffs.
You're not appreciating that Chiarot was/is valued across the league as much more than what you termed a "3rd pairing defenceman". This value perception is NOT just a trade deadline temporary madness. It carried through to the open market just two months later where he got paid like a trusted D. Yes, I know that UFAs can be acquired without spending assets, just cap space, but there is definitely a correlation between a player's trade value and his contract value.
Take Lehkonen. Colorado paid basically a 1st and 2nd for him, then they played him at a similar level as they valued him in the trade, then they extended him at $4.5M x 5 years. Similar cap hit to Chiarot and similar return.
When you irrationally overpay at the TDL, like Vegas did with Tatar, you DON'T play him a lot once you realize what he brings, and you DON'T extend him, you instead dump him in a trade for almost nothing.
Whether you realize it or not, Chiarot's value was not overestimated because it was TDL time. His value is more permanent in the minds of many. The many can still be wrong.
As for the unprotected first, Florida's whole rationale for getting him is that they feel they are competing for the Cup. They did not expect to be a lottery team, and they probably won't be, much as we may hope they are. They were already pushing the draft pick back a year, Hughes probably said no way to any protection, and there were lots of other suitors for this 23+ minute per game defenceman.