For as ridiculous as the above headline is in 2011 terms, this almost happened back in 2007 when Edmonton signed Thomas Vanek to a monster offer sheet. Had Buffalo let Vanek walk, the Oilers would have none of the above players. That offer sheet turned out to be too much too soon, and now Buffalo is saddled with a good but very over-priced player instead of 4 first round picks. Relax Sabres fans, there is no guarantee that Buffalo would have drafted those players had they accepted the picks, maybe Edmonton gets a little better and the picks aren't as high, but still it illustrates what a terrible business decision that was. Hindsight being 50-50, Edmonton would have lost out on 4 of the best prospects in hockey had they acquired Thomas Vanek (who has averaged 63 PTS over the last 2 seasons).
If you ask me, Edmonton made a dumb move offering the offer sheet, only to be saved by the Buffalo Sabres making a similarly stupid decision by matching the offer. If Edmonton decided to trade all 4 of those players tomorrow, they could get a heroes ransom in return.