I'm not going to try to defend this trade because I don't like it, but I'm trying to get in Grier's head to understand what he might be thinking--and thanks to the Sens fans who have offered input on Ostapchuk which aids in this process.
So I think when we look at the future of this team, we mostly agree that Zetterlund ideally would've been a 3rd liner in a few years. Even if the contract for him as a 3rd liner wouldn't be something we could overcome if it's like four or five years, I guess the question Grier may have asked is if Zetterlund would've been the kind of guy he wants on that 3rd line in a few years--whereas he might be betting that Ostapchuk will be more to his liking.
The issues with Zetterlund in that role are that he isn't really a play-driver, so playing with less-talented linemates his offense might fall off a decent amount (let's say more to 15+15). At the same time, I don't think he's a particularly good defensive forward. I'm not looking at the numbers on this now, but it's more just from watching games and often being surprised that he's the guy that's out of position, or that he's often involved in desperate puck-chasing situations.
The fact that he's never on the PK maybe validates this a bit (because his tools seemingly should put him in that role) and also lowers his value to Grier as a future 3rd liner, whereas what we've heard about Ostapchuk says that he should have all those attributes (plus added physicality); it's just a question of whether or not he can elevate his offense more toward that 30 point level down the line.
The second round pick is good insurance in taking that gamble. Because it is a gamble. I'm sure Grier knows that. But I suppose he sees the team at this point as still being at a stage where he can take such a gamble. (That does ignore the human side of things, though, and that's a gamble of a different sort--although one that doesn't always end up mattering.)