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Here's the 'ole value chart
Could be more thorough with this "simulation", but for simplicity, say:
1. penguins would pick at 9 this year.
2. next year, there's a probability p of picking at 3 (they fail hard) and 1-p of picking at 20 (they turn it around)
Let's say a discount rate of 10%, i.e., it's 10% better to have a pick one year earlier.
Under this model the value of pick 9 this year is 372.16.
The value of the pick next year is .9 (602.54 * p + 227.56 (1-p))
Setting these equal and solving for p yields .49. So --- under this model, the question is: do you think that the odds of a pittsburgh regression are less than or greater than 50%? (if yes, then hope they pick this year, if no, then hope they cut their losses).