I think Russell earned the contract he got, with us or another team.Picks are picks. And it's dangerous to sign players coming off good years (and indeed most of the roster had good years). I don't really think Russell, even coming off the year he had, was that hot of a commodity and I believe a better contract could've been negotiated with some time.
I agree with you that it is not great to sign players coming off career years, but it is a bit different with Russell since he was/is still a known commodity due to his age a d experience. I think the career year signings are much more risky with younger players.
Picks are picks, but we will need them in the next years. I'd gladly pay with picks in 4-5 years when we move into the latter parts of McD and Drai's contracts. Not now though.