PK Subban is getting a first? I would say the Devils should keep Severson but having term on a contract in a flat cap world is not ideal for a contender. Devils have a better shot getting a first in the offseason unless they eat half the cap hit now.
It was two 2nds (the first being #34 at the time of the trade) & a prospect & another small contract but you’re forgetting one thing, his massive contract.
PK was on the decline due to injuries, he had one strong healthy season with the Preds out of three. He had a cap hit of 9m and salary of 10m, as his contract was middle-loaded. More teams were interested, or at least intrigued, but Nashville refused to retain any salary or take back any major cap dump contracts for a better return. They instead found a suck in Shero.
They did take Steve Santini, who had a 2 years/1.417m deal as a cap dump. They bought him out so Santini cost one year of his salary (1.5m) plus the cost of his buyout (700k). A total of 2.2m was very little to take back. (Jeremy Davies had just signed his 2 year ELC before he was traded.)
It was a big exciting pick up because of his name value but the Devils could do it because they had oodles of cap space Subban being overpaid wasn’t a problem. (His decline was, but that’s a different story.) So that’s a weird comparison.
You’re likely underrating Severson and his salary. He only makes 4.16m and if salary is retained then he becomes a quite bargain next season. You aren’t going to find quality RHD even close to that price, it actually could work for some contenders next year but they would have to pay for it. And more than you apparently think.