I think that many have missed the point of drafting. In today's game, unless you always are drafting very high, there a few sure things. Thompson isn't drafting depth necessarily, he's drafting projects that can become players. It's a strategy that Wolf and Sherman used and it yielded players like Brooks, Freeman, Levens, Barnett and Walker. Does a team hit on all of them? No, not even with the top picks. A team has to build, with the idea in mind, that's is going to have to develop players that can step in and fill the voids created by free agency and injury. This isn't about depth, it's about the future.
Some teams like New England and Denver, that are now in decline, want to side-step that or haven't been succuessful in drafting and invest heavily in free agency. Taking players that other teams don't want doesn't work and the decline continues.
The time to take "select" free agents is when you're a player or two away. The rest should be home grown with young talent from the draft, undrafted free agents and young players that other teams don't want. It's a tough game and their are 31 other teams trying to win it all, as well.