Well, let's look at this from Toronto's perspective... I'm sure that's what they pay the guy for...
I'm also pretty sure that that guy was/is replaceable. (Especially at his pay). Face it, Versteeg isn't the second coming of Steve Larmer... he might not even be the second coming of Jeff Larmer, although I would go so far as to say I think he probably is better than Brent Gretzky.
However considering he was one of the last guy's dealt - it would seem as if either he or Ladd were wanted to be kept on the team.
I think the mistake may have been matching San Jose's offer on Hjallmarsson at this point as it ate up about 3 million dollars. Now granted it would also have meant someone of about Stalberg's paycheck would have to be on D - which already is a little unstable... so I doubt in terms of wins/losses anything would have made much a difference.