here's copy-paste of about a year-old post on the subject:
The end of his last season at Cornell coincided with the regime change in Pittsburgh and it seems most likely he just fell through the cracks at the time. The Pens had to offer him a contract or let him walk and either the old scouts didn't push hard for him to Shero or Shero didn't feel particularly good about him. Didn't make sense at the time and looks terrible now. It's not even like Moulson had the typical red-flag skating ability question either. Some people will try to absolve Shero for not offering him by saying the scouts weren't strong on him, but the buck stops with Shero, and if he wanted to sign a draftee to a contract, he easily could of, the team just completely whiffed on him. Just look at some of the guys the team had under contract that year and tell me they didn't have room for a guy like Moulson. Karl Stewart? Joel Kwiatkowski?
Hindsight and all, but I didn't understand him not getting a contract at all at the time. The guy was over a ppg his last 3 years in college and immediately stepped into the AHL and was impact player. Nearly 60 pts in 80 games his first year and then 28 goals in under 60 games the next. He even played well in limited time with the Kings that year. For whatever reason, he didn't really get much of a whiff with the Kings the next year, playing most of the season in the AHL. He then moved onto the Isles the year after and has been a 30 goal guy since.
In short, Moulson has produced at a high level every step of the way but for whatever reason, never got a real chance until he ended up on the Isle. The Moulson deal has been sort of a thorn in my side since it happened since he was such a productive player in college and didn't have the red-flags (size, skating) that usually warrant serious concern about a player's ability to produce at a higher level, plus the Pens were terrible for many of the recent years and it made no sense to let a guy like him walk.
and:
But that's the thing, he did. He was first team all-conference and second team all-conference his last two years at Cornell, and was an honorable mention his sophomore year. When a team drafts a guy in the 9th round and he performs way better than anyone could hope, it just doesn't make any sense at all to not offer him a contract, especially when your team is bereft of talent as the Pens of that time period were. It's not like there was some great benefit to not signing him.
Even during his one extended run with the Kings he played well. 9 pts in 22 games with zero pp time and only a dozen minutes per game as a rookie is quite good. Also it's not like the Kings were making a ton of great decision on fringe players at that time either. They gave away Moulson and Teddy Purcell in order to play young guys like Patrick O'Sullivan, Oscar Moller, Scott Parse and Brad Richardson during that time. Sometimes teams just miss on guys, even rarer is two teams doing it but it happens.