You could flip this around to look at it a different way, and I think it'd make it a hell of a lot clearer: is the gap between Eichel and Connor bigger than the gap between 2nd OA and 6th OA? To me, my intuition says the answer is a resounding yes.
This happens every year leading into the draft: the shiny new toy gets loads of hype and it drives normally rational people to overvalue the hype and undervalue what they've already got. I would trade Laine and Connor for Eichel without the 6th overall pick for the simple reason that he's the only current NHL player in the discussion.
With prospects, we tend to systemically underestimate the risk that they don't pan out or have injury trouble or or or. That risk should represent a discount on their value when compared to a player who carries a lesser risk because they've proven they can play etc. The other factor to consider is the ramp-up to "peak" production. Eichel has already proven that he can do 55, and it's clear that there's bigtime headroom there. So for Laine/Connor/anyProspect, they won't close the production gap for a few years... and that should create a huge discount.
As a rule of thumb, I discount each year from the coming one in the range of 25%, kind of like a
Net Present Value (NPV) calculation. 25% is high, but we see such wild volatility in NHL scoring that I think it's actually somewhat conservative. This rate should go up for a more boom/bust -type prospect, and come down for more proven NHL players. I'd propose for a simple evaluation, we use:
- 15% for a previously proven production level
- 20% for a step forward for an established player
- 25% for an elite prospect
- 30% for an very good prospect
- 35% for a good prospect with some question marks
So let's do the math. Let's assume their productions look something like this, and instead of calling it a Net Present Value, let's call it a Present Value of Production (PVoP):
- Eichel takes a small step forward to 65 this season, followed by 75, then 80, then 85.
- Laine has an Eichel-type impact: 55 in his first season, then we'll project the rest the same way. (glass half full I think)
- Connor sticks in the NHL in his first season and puts up 40, followed by 50, then 60, then a 4th year breakout for 75 (glass half full I think)
- 6th overall gets you a good prospect who doesn't play in the NHL this coming season, but then follows the Connor path.
Player |
2016/17 |
2017/18 |
2018/19 |
2019/20 |
Discount |
PVoP |
Eichel |
65 |
75 |
80 |
85 |
20% |
194 |
Laine |
55 |
65 |
75 |
80 |
25% |
157 |
Connor |
40 |
50 |
60 |
75 |
30% |
114 |
6th |
0 |
40 |
50 |
60 |
35% |
60 |
So the math tells us that Eichel + 6th has a PVoP of 254 vs 271 for Laine + Connor. Interesting!
Let's think about sensitivities. What happens if Connor needs a year in the AHL and everything else moves to the right a year? That drops his value to 67, and the side of the trade to 224. What if 6th OA makes an early impact in the NHL right away? That bumps the value from 60 to 104. What about Laine? How much better or worse could it be? What about Eichel exploding next year?
This jives with what my gut said at the start: Eichel is less risky, and that tilts my preference to his side of the trade.
Interesting, and fun, analysis. Thanks for the nudge! Hope it got you thinking.