Based on your original proposal, we're basically removing the 1st, Ferguson and adding Schastlivy for Smith.
Loose logic, but that's pretty much what it comes down to.
Ottawa will not trade Emery, he's considered the future #1 (and the only one in the organization)
The objective from an EDM standpoint with this deal was to strengthen the D not weaken it. adding Rachunek and taking away Smith weakens us overall. Schastlivy is an ok player but he doesn't stand out enough for us to add smith to the deal.
How about this instead. Smyth, Smith, Philly's 1st and Laraque for Spezza and Rachunek.