I wanted to see if this was correct, so I took the top three draft picks for each draft from 2004 through 2021 and looked at points per game.
Two important notes: 1. I basically see the Ovechkin and Crosby drafts as the "turning point" for the modern era of the NHL, so that's why I'm starting there rather than 2000, and 2. two of the top three picks from 2022 haven't played an NHL game yet (only Slafkofsky, no Nemec or Cooley), so I'm not including those draft years.
Of the 54 players drafted in the top three picks since 2004, only 5 players have a worse points per game. All 5 of those players are defensemen. Those players are: Cam Barker, Ryan Murray, Jack Johnson, Zach Bogosian, and Erik Gudbranson.
Some notable "busts" with higher points-per-game than Byfield: Nolan Patrick, Nail Yakupov, Kaapo Kakko, Alexis Lafreniere, Kirby Dach, Alex Galchenyuk, Kyle Turris, and Jonathan Drouin.
All defensemen with points-per-game higher than Byfield: Erik Johnson, Owen Power, Aaron Ekblad, Drew Doughty, Miro Heiskanen, Rasmus Dahlin, and Victor Hedman.
I sure hope Byfield turns it around, otherwise he's literally the biggest top-three bust of the modern era.
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