I looked at this some time ago to see if this theory held up. When Vegas made their picks, there was obviously some big names (Neal, Fleury etc.), but Vegas took more players that pundits, and fans laughed about and left some bigger names alone. If Seattle was making picks, you could argue that only half of Vegas' team would have become Knights, and both teams would be filled with 1 line and 9 scrubs - not true. Just looking at Washington for example, They left Oshie, Beagle, Orpik and Grubauer (and many others) all exposed, Vegas took Nate Schmidt (a sometimes healthy scratch). Washington probably felt relief by the pick. Seattle maybe would've chosen Oshie - I know I would. Watson was a hero for Nashville this year, he was exposed. Luongo was exposed, he played pretty well this year, injury notwithstanding. Would Seattle have taken Karlsson, common sense says they wouldn't. Would they have thought of taking both Smith and Marchessault, I doubt it. They might have been split at best.
Fact is; anyone with reasonable hockey knowledge could look at the exposed players and build a second team that on paper looks better than the Knights.