The affect of trading away draft picks is absolutely part of the conversation. It's actually a pretty huge factor, in my opinion.
I understand the point of diminishing returns. However, the way you are talking it seems like you don't think it's possible to find decent talent past the third round. I strongly disagree with that point. A successful team, in my opinion, absolutely HAS to be able to get something out of the later rounds. At LEAST rounds four and five. You just can't ignore those rounds and expect to field a team. We've done that ... for a long time. It doesn't work.
One reason, the big reason in my opinion, for our pathetic ability to find talent in those mid rounds is due to the fact that we never have a lot of mid-round picks. The only times over the past ten years that this team has had a any amount of picks in a draft was when we had a ton of 6th and 7th rounders. That's not the case this time. I can't remember the last time we had so many picks in the first 5 rounds. I know we haven't had this many since Casserly left. We can't really say this team can't make mid-round picks if we never have them.
The bottom line is I'm sick of watching this team assume that picks after the first two or three rounds are worthless. That's the attitude that got us where we are now. And frankly, if a our front office is flat-out incapable of finding any value past round two we're gonna suck. Period. Draft strategy won't matter. So I don't expect a team, any team, to go into a draft with the mentality that there's no point in looking past round two. That's an admission of defeat. Defeat we've seen over and over here in DC.