IMO Bogosian is probably underrated by at least as many people overrate him. Believing he could fetch a #1 C by himself is actually overrating him by a fair amount. The only player another GM would even have a conversation about a #1 C would be Kane, and he would have to be added to. In all honesty no one trades a young/in prime #1 C.
IMO Bogosian is a solid #3 defenseman. He is still very young by defenseman standards so there still exists some potential. In my view he has the physical tools to be a top pairing guy and will probably get there one day. But he probably does lack the hockey sense to be a true #1 such as a Weber.
Despite a huge giveaway earlier in the season to Perry that cost a game and a little bad puck luck he is still second on the team in +/- to Ladd. He plays 22-25 minutes a night often against the opponents top players and brings a lot of passion to the team. At $5 M per he is probably a little over paid now, but by year 7 when the cap is likely pushing $100 M he will be under paid so that averages out.
IMO Bogosian's value to the team is further enhanced because of the make up of our defense. Both our top 2 defenseman are not true # 1's in the traditional sense. Buff and Enstrom are both offensively gifted but lack in other areas compared to a Weber for example. We have a couple young studs in Trouba and soon Morrissey coming but you need a veteran guy for them to play with and guide them. Interesting both Trouba and Morrissey have singled out how Bogo has taken them under his wing and make them feel at home.
In sum, if you dump Bogo for less than full value this team will regret it for years.
I think the OP is a legitimate one, as there are a lot of people (mostly on the main board) questioning his ceiling and hockey IQ.
I think it's fair to say he has not yet shown the hockey smarts of Doughty or Pietrangelo, but that a pretty high standard to meet. OTOH, hockey smarts can sometimes be learned over time, with experience, repetition, good coaching and motivation. Bogo's physical assets cannot be learned.
As others have pointed out, he is relatively young--the second youngest D on the team, younger than Postma and Redmond, who have recently been considered "prospects".
As for his performance this season, it's too early to judge. He has had some bad puck luck, played on his off side, but looks like he's shrugging that off. His points, TOI (and +/- , w apologies to Garret) are still top-tier, despite being crowded out of the PP by Buff.
I'd trade him (and add) for an emerging top-line C, (eg Duchene 1 year ago or Seguin), if such a deal were possible, simply because of our team's strength at RHD and weakness down the middle. But nothing less.
Bogosian is currently playing the 40th most minutes amongst defensemen, while being a plus 4 (tied for 28th amongst D). There is only one defensemen in the league that has more shots than him and a lower personal shooting % (Byfuglien)
Last year a lot of people thought Bogosian was our best D. I think Enstrom was a little better last year, but due to injury I have no problem giving it to Bogosian. He's had a rough start to the year, but I think it's been a bit overblown. I was re-watching some games and he's making a lot of good plays, he's just having some really visible mistakes and I think people are thinking he's been playing worse than he is. He's deflected in a few shots but that wasn't really his fault. Personally I think it's just a bit of bad luck to start the year, once he finds some puck luck his numbers will look better.
You guys all make excellent points about Bogo.
He is performing at a level higher than some give him credit for because the mistakes he's made have looked cataclysmic. I don't doubt that guys like Shea Weber and Drew Doughty have had similar mistakes and rough patches of play.
When you see the very high expectations and potential ceiling of a player, I think you may want him to 'be there' sooner than he is able. Every player develops on their own curve. Bogo has a nice resume of NHL experience already, but he is still pretty young in defencemen years. He has maturing and learning to do, and better decision making and calmness comes with experience.
I think of a guy like Zdeno Chara. Remember when he was an Islander? He was a trainwreck. It was only in his later years in Ottawa where he started becoming dominant, and of course turned into a total beast in Boston.
In conclusion, Bogo is far from a finished product. We want him to be what we think he CAN be right now, but he still has to get there. In the meantime there are a lot of very interesting stats that show how heavily we rely on him and how well he actually does with that responsibility, despite the 'oh ****' moments.