Trading players for late-round picks can occasionally work out for a team. The biggest example among Senators fans is Mark Stone, who was obtained through a sixth-round pick from the San Jose Sharks in exchange for Alex Auld. Ryan Dzingel is a lesser-known example of this, a seventh-round pick (204th-overall) obtained from the Pittsburgh Penguins for Alex Kovalev. Dzingel played three years with the Ohio State Buckeyes of the NCAA before turning pro.
Dzingel improved every year of college point-wise. In his junior year, he was named an alternate captain, and was one of ten finalists for the Hobey Baker Award. However, he decided to forego his senior year, turning pro along with friend and teammate Max McCormick. They joined the B-Sens immediately, and Dzingel put up seven points in the final nine games of Binghamton's regular season.
The 201415 season was decent for Dzingel. He put up 34 points in 66 games, playing primarily as the third-line centre. He and McCormick shared the team's rookie of the year award. Last season he showed flashes of impressive puck skill. He'll likely benefit from having consistent wingers on his line, as well as playing with an improved Binghamton team.
It's not entirely clear where Dzingel fits in the organization's plans. His ceiling is likely not higher than a bottom-six player in the NHL, and the team already has several young players who can fill the same role. Dzingel will have to show what he brings to the team that other prospects won't. This likely explains his drop from #16 on the list last year. Dzingel's sophomore season does have the chance to greatly improve his stock within the organization. I think one more year will give us a great idea of where he stands in the Sens' plans.