Not ridiculous at all. Ty Rattie was waived today and was the 32nd pick in 2011. It happens. Here's Z's stat line in a contract year:
Games Goals Assists Points +/-
53 6 7 13 -2
How is that worth more that a 3-4 rounder? I like Z, but he's played 255 NHL games. He is what he is and there are others to take his place (Larrson, ERod). We need to get something for him, and it's not going to be a 1-2 rounder, so a 3-4 rounder is realistic.