Franchise players don't have to come from top 5 picks; See Karlsson, Alfredsson, Hossa, Weber, Subban, Bergeron, Chara, St.Louis, Lunqvist, McDonaugh, Getzlaf, Perry, Keith, Green (pre-injury), Letang (good health assumed), Datzyuk, Zetterberg, Kopitar, Rask..
It's certainly easier to get a top player with a top pick, but despite the odds, very good players come outside top picks too. Looking solely at Ottawa, we've had Alfredsson, Hossa, Yashin, Spezza, Chara, Karlsson, and arguably Redden and Demitra that could be termed as franchise level players, only Yashin, Spezza and Redden coming from picks inside the top 10. 6 top 3 picks and 2 of them become franchise (3 if you count Redden)
If you're going to tank, this is the year to do it, but as a rule, I'm not a fan. I get much gretter joy out of unearthing a gem (Alfredsson, Karlsson) that being gifted a sure thing (Crosby, Stamkos). I'd rather build a contender like St.Louis did (few high picks) even if it hasn't culminated in a cup yet.