Quoting: Juice
Realistically...it's almost certainly an underpayment.
Some people hate Zaitsev...others like him....I think the Leafs would be just as happy to keep Zaitsev as they would be to move him and his contract...so let's just say he's neutral value and only inlcluded to offset salaries.
Bracco is a B prospect at best at this point
Brown is a 3rd line checking winger with some offensive upside
Neither of those three things are going to move the needle much...either for a team acquiring them or for the Leafs to give up
Then you have 2 first round picks....certainly not a small price to pay...but considering where the leafs are projected to be picking, are not assets the leafs should hold on to if it means being able to slot someone into the RHD spot beside Rielly on the top pairing.
Is Parayko a stud D-man right now? I wouldn't say he's elite, but he's more than capabale of 1st line minutes...he's young...on a great contract...and actually has been asked to carry the blueline since Pietrangelo went down with a hand injury. It's only been a few games but he's been getting about 25min/night...too small of a sample size to say anything for certain...but age/position/contract/skill make him an ideal fit for the leafs IMO.
A late 1st round pick is still a very high value asset.
John Carlsson for example has higher value than Parayko and he was drafted 28th overall. There are many really good players drafted in the late 1st round. There are more of them then 2nd round picks making an impact. I would never give up 2 first round picks unless I am getting a top end talent. Parayko is great but he isn't a top end talent. He'd still be the #2 in TO and likely on most other squads. The problem right now is the "perceived value" for defenceman is inflated beyond all reason. It's like there was a clerical error and the decimal place was moved over 1 space and now everything 100% more valuable than it should be.
As to your statements,
Zaitsev is definitely not close to the same level as Parayko, but he's still a not bad middle pair defenceman who is good in his own zone.
Brown is a very good guy to have on a team, he doesn't score much more than 15 goals while playing on the 3rd or 4th lines but if he is given more offensive linemates and more ice time, he's proven to be capable of scoring some important goals. Perhaps in the right scenario he could be a responsible top 6 winger. Not nearly as valuable as Parayko but when you combine that to Zaitsev, its not nothing.
Bracco is a B prospect and I am not sure when or even if he'll be a NHLer, but he's also impressed at a lot of big times over his career so he isn't without potential.
But when you ad 2 first rounders to the equation the value completely gets out of whack. A 1st rounder, even a late one is worth more than any of the other pieces TO is sending. Just 2 firsts for Parayko could be too much for my tastes. Not that Parayko isn't great but the Leafs have proven to be very good at drafting and two firsts could provide them with 2 players who could be cheap reinforcements for this squad down the line. That is how you build a winner, you draft smart, develop well and always have a pipeline of talent ready to come up and fill holes. For crying outloud, look at Sandin, he was picked 29th I believe and he looks like he may be a massive steal.
I guess the moral of the story is, a 1st round draft pick is still a 1st round pick, they are gold and shouldn't be tossed away for flashy "make the fans happy" moves.