The 1st is a top 10 protected 2027 1st... That's likely a player that doesn't make a team until 2029, or later, especially if the pick is a D man. The Toronto window is now... 2029 and later doesn't matter much. For a third line player, at $1.5 million for two years, that's not a bad deal.
Grebenkin is a super fun player, tons of character and plays with an edge. He's only at 0.5PPG in the AHL this year though, so the offensive upside might be somewhat limited, probably a fourth liner in a couple of years. Sad to see him go, but at least it's not one of the players with more upside.