I think what's most likely the case is that they didn't contingency plan well enough so that they didn't properly evaluate all alternatives when the board (as it would always do) didn't go exactly as planned.
I think all three 2nd round choices will be just fine in the NFL, but at what cost?
As for Peppers, message boards around the interwebs are suggesting Colt Brennan be offered up in a deal for Peppers