Per Staples:

…I’d say the expected return on a relatively proven Penner just heading into the peak years of his career is better than the expected return of all but the highest of draft picks.

If the Oilers don’t give up the highest of picks (top six) — and there was some reason to expect they would not when Lowe signed Penner — this deal works.

So it worked then, and it works now, and it will still work in June, come draft day, so long as the Oilers don’t utterly fall apart in the next few months.

The choice that Kevin Lowe faced last summer did not include the value of a first, second and a third round pick based on the Oilers standing with Dustin Penner in the lineup.

He was either going to have a first, second and third round picks, the value of which would be determined by the team that he iced without Dustin Penner, or he was going to have Dustin Penner. Saying that the deal was a good one because an Oilers team with Dustin Penner storms all the way to 23rd in the standings is insane because that was the never the choice that Lowe faced. I don’t even think that Penner has contributed all that much. Staples (and a lot of others) do.

If “Penner has made a contribution worthy of a top 10 pick and $4.25MM” is true, “There were really no other options available when the Oilers signed Penner” is true, “The Oilers are currently in 23rd place” is true, “The Blackhawks are one point back with two games in hand” is true, “The Panthers are two points back with a game in hand” is true, “The Sabres are three points back with three games in hand” is true and “The Oilers have an extraordinarily good record in one goal games” is true, does it not follow, as a simple matter of logic, that Lowe likely gave up “the highest of draft picks” in order to get Penner?

I don’t buy Staples reasoning about the value of a 6-10 pick in a deep draft but, on his own reasoning, I can’t see how the Oilers gave up anything but “the highest of draft picks”.