Well, we're betting on Fehr - a sluggish skater as it is in this apparently high-tempo system - for two more years being useful above his replacements. Beyond the fact that a bottom six forward wouldn't be tough to replace necessarily, the two/three things that Fehr valuable are his: size (our other good defensive centers are Cullen and Bonino, both are not big players...Fehr can go toe to toe with some of the bigger centers in the league and has an advantage against LHS for turning pucks over into transition), RHS faceoff ability and something of an ability to score from mid-range...which is the most distinct rarity for most bottom six forwards to possess.
You have a guy that can score a TD from the 15 in a group that needs to be inside the 2 to have a prayer. Rust has limited scoring touch, Kuhnhackl re-imaged his game to just make the show, etc. there's not a lot of punch from even semi distance.
That said, it's not hard to see a case where you 'short' the Fehr stock. Unload his $2 mil, take the top 100 pick, bet on Sundqvist and later the Scandinavian kid that we just drafted whose name escapes me as the moment, Kasper something, Bjorkqvist? Something like that, sorry. He doesn't have a very high ceiling in his own right, already a pro, he could be ready to at least participate in fairly short order. Worst case, you grab someone off waivers or for a late pick and lose the commitment to Fehr in the process.
I don't think that's unreasonable. Not to say that "we don't picks, we'd rather have Fehr" is unreasonable either. Just posing the alternate scenario where as a GM you're "betting" on the value of your players, now and future, and your ability to evaluate not only talent for the future but the erosion of existing talent...