If Washington had gone 4F/4D then Vegas could have selected one of the other unprotected forwards over Wilson. Those options likely being Marcus Johansson or Andre Burakovsky. Both of whom were probably more highly valued then Wilson at the time of the expansion draft.
I disagreed with the Caps protected list at the time, thinking that both Bura and MaJo were replaceable low impact players, and losing one of them while protecting Schmidt was the right move. They traded MaJo a month or so later. The Caps had/have several players in the wings who are similar skilled forwards like Bura and MaJo, but no one who had clear top pair potential like Schmidt. Eller was coming off a disappointing first season with the Caps so lowe risk there.
Shoulda protected Ovi, Kuzy, Backie and Wilson, Carslon, Nisky, Orlov and Schmidt. Anyone else would have been much more easily replaceable.
The Caps would be better off having kept Schmidt protected, losing one of Bura or MaJo, but thats all ancient history. And that is with Bura showing some flash in his last few games - he was invisible all year otherwise and people were screaming for him to be benched within a game of his return to the playoffs. His last three games are the best playoff games of his career by far. His previous others were garbage.