You're still looking at the individual pieces and not how (or if) they can contribute to a larger picture. Them getting bought out is more a matter of their contracts and their respective teams then much else. Much like how Ehrhoff was bought out last summer by Buffalo.
Hodgson scored 35 goals and had 78 points over 120 games in the 2 seasons before last year in Buffalo. Gagner in a bad season on a horrible team still scored 15 goals and 41 points last year. Sure a portion of both of their production is due to being the only option on a bad team and thus they'll get some production solely due to their icetime. However these are NHL level players, and they are players who could help this team. Both are also only 25 yrs old (yes shocking when talking about Gagner). There's literally no downside here. If it doesn't pan out, bury both in the minors. But at a 1m/1yr contract, you could very easily find someone who's good enough and would mesh well with our current roster.
Would I rather have Kessel, Oshie, Skinner or whomever? Absolutely. However odds are we're not going to get someone like that. But failing that, I would absolutely take a shot at a 25 yr old who's a skilled player who hasn't had the success they would have liked while on a crappy team.