Sure, if the analysis is "more likely than not". But as percentages, from the 3rd round down there's still a decent chance of players having success. For example, according to the linked article below, the chance of a player playing more than 300 games (a marker of sustained success) is 17% if drafted in the 3rd round and 6.4% if drafted in the 7th round. While it's still not likely they will succeed, it's not nothing.
Scouting and luck combine to make for a successful draft in the NHL. Here are the success rates of the top 32 picks & each individual round.
thehockeywriters.com
There's a difference between 'playing games' and 'having actual value'. In an average 2nd or 3rd round, maybe 4-6 players out of 32 ever actually carry substantial value. If you trade 5 or 6 2nds, you really only need to get one good asset back in all those trades to offset the future pick value that has been lost.
Splitting hairs a little and perhaps "later " was a poor choice of words to make my point. 2nd and 3rd round picks get tossed in all the time. They are not without value.
I mean, when Benning throws a 2nd into a Sutter-Bonino deal where we were already getting the worst player on the worse contract ... yeah, that's bad. Those picks do have value, although in my eyes that value is overrated.
For late-round picks, I'll repost what I posted on this a couple years ago, updated for changes since then :
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We've had a lot of discussion here about pick values and surpluses and a lot of disagreement about my takes on this. I just wanted to take the time to go through mid-late round picks in particular and why I don't really value them highly.
I'm going to go back to 2005 and the start of the cap era and current ELCs etc. and go through every pick in round 4-7 since that time through 2022 vs. every free agent signing we've given a first NHL contract to. Guys who played a few NHL games are yellow, guys who became NHL regulars are green, guys who became impact players are green and bolded. I might have missed a guy or two who were undrafted FA signings, but I think I'm pretty close.
Draft picks:
Alex Vincent
Matt Bucher
Kris Fredheim
Mario Bliznak
Sergei Shirokov
Juraj Simek
Evan Fuller
CA M***ier
Ilya Kablukov
Taylor Matson
Dan Gendur
Prabh Rai
Mats Froshaug
Morgan Clark
Jeremy Price
Peter Andersson
Joe Cannata
Steven Anthony
Pat McNally
Adam Polasek
Alex Friesen
Jonathan Ialahti
Sawyer Hannay
Joe Labate
Ludwig Blomstrand
Frank Corrado
Pathrik Westerholm
Henrik Tommernes
Ben Hutton
Wes Myron
Matthew Beattie
Jordan Subban
Anton Cedarholm
Mike Williamson
Miles Liberati
Gustav Forsling
Kyle Pettit
Mackenze Stewart
Carl Neill
Adam Gaudette
Lukas Jasek
Tate Olson
Cole Candela
Jakob Stukel
Rodrigo Abols
Brett McKenzie
Jack Rathbone
Kristoffer Gunnarsson
Petrus Palmu
Matt Brassard
Toni Utunen
Artem Manukyan
Matt Thiessen
Ethan Keppen
Carson Focht
Arturs Silovs
Karel Plasek
Jack Malone
Aiden McDonough
Arvid Costmar
Jacob Trusott
Dmitri Zlodeev
Viktor Persson
Hugo Gabrielsson
Connor Lockhart
Lukas Forsell
66 picks
13/66 played NHL games (19.7%)
3/66 NHL regulars (4.5%)
1/60 impact player (1.5%)
UFA ELCs
Rick Rypien
Alex Burrows
Patrick Coulombe
Shaun Heshka
PC Labrie
Eric Walsky
Evan Oberg
Aaron Volpatti
Chris Tanev
Bill Sweatt
Lee Sweatt
Eddie Lack
Stefan Schneider
Sebastian Erixon
Darren Archibald
Kellan Lain
Jeremie Blain
Dane Fox
Evan McEneny
Mike Zalewski
Ronalds Kenins
Joacim Eriksson
Ashton Sautner
Troy Stecher
Michael Carcone
Tom Nilsson
Yan-Pavel Laplante
Michael Garteig
Zack MacEwen
Phillip Holm
Griffin Molino
Jalen Chatfield
Brogan Rafferty
Josh Teves
Mitch Eliot
Jake Kielly
Andrei Kuzmenko
Nils Aman
Arshdeep Bains
Filip Johansson
Max Sasson
Akito Hirose
Cole McWard
Nikita Tolopilo
Tristan Nielsen
Christian Felton
46 signings
32 played NHL games (69.6%)
10 became NHL regulars (21.7%)
3 became impact players (6.5%)
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First off, the hit rates on draft picks are obviously really bad. We're worse than most, but this kind of serves to show how little value pick surpluses actually contribute.
Second, the difference between mid-late round draft picks and undrafted FA signings is absolutely incredible. Like 400% better for the FA signings. And these are the exact same scouts making the recommendations.
So when people act like getting extra mid-late round draft picks is somehow driving success, it's like ... huh? No they aren't. They generate little value, and if you don't have them, you're probably just going to sign extra FA prospects to fill your system, which often have better hit rates. Like, these picks don't matter. They don't do anything for you. The alternative might actually be better.
I think it's worth it to have a mix of pipelines, but I sure as shit don't put really any value on stockpiling these sort of draft picks. They don't do anything. They're easily replaced. If we're down a pick or two, it just doesn't matter. You'll have an extra contract slot to sign a Bains or an Aman.
And I know the response will be 'other teams have different results'. And yeah, for other teams it might not be this extreme. But the general idea holds. You aren't gaining some big competitive advantage by having a whole bunch of extra draft picks, unless these are really high draft picks. For the record, in the 15 years I cited, Calgary had 3 impact players rounds 4-7, Winnipeg had 2, and Edmonton had 0.