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I went through a past 4th round of a draft (2012) and found that 1/3 of the players to be useful assets. That may be an outliner(?), but I like the end of the 4th round. On top of that, there is a history of late picks working out (Zetterburg/Datsyuk/Hornqvist to name a few).
I like the idea of the last 4 picks in the draft going to the division winners. Those picks are not valuable enough to change anything, and gives the teams that put in work during the season a reward, as only 1 team gets the real reward right now. Drafting a lotto ticket may not be a great reward, but its something.
Just a thought but what about an extra draft pick or supplemental pick for the Division winners in the future? Add those to the end of the draft. Gives the winners a little something extra.