For context, it doesn't really matter what the Avs thought Graves was worth. They could have gotten a chicken bone for him. Once they determined Graves was going to be selected and he was their most valuable expansion player they couldn't protect, all that really mattered was:
1. Was it the best offer.
2. Was the value of the offer more valuable than whoever the Avs think is the most valuable player they might now lose to Seattle.
Ex: Imagine it is Jost they're going to lose now that they traded Graves (I have no idea, but just imagine for a second). As long as the Avs management think a 2nd is more valuable than Jost to them, you should do the deal. Graves is gone in either scenario. All the Avs have to do is decide if they want Jost (or whoever) or a 2nd