For sure there is a LOT more to what they do than late round drafting. And yes, the GM and asst GMs aren't the guys making those picks (that's what the scouts are for). But the scouts are given direction, and that direction comes from the GM and his team.
Also, any time an 'outsider' asks about drafting, everyone involved says it isn't/wasn't up to them, and I think that this is because people always want to question individual picks, which is a tiresome, and no-win situation for those people. The easy out is just say 'I wasn't really involved'. (not saying this is always the case, but I would imagine it happens a fair bit)
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