I don't see why not, considering Johnson was undrafted himself. A 5th rounder is a much higher pick than was ever used on the guy we just dealt.
The odds are streep that we could replace him with that pick, and we all know it, but by the same token, that 5th round pick won't cost us $3MM against the cap for the next three years either, and I think it's about time to see what we have in Devin Taylor on the other side.
More than anything, that 5th round picks gives us the flexibility to take a RB or a WR later in the draft, rather than having to grab one early due to the lack of mid-round picks. Or even an OG, since that's right around the territory good guards usually get drafted.
The 5th rounder is important to me, more so than a guy who likely had his breakout season playing part time next to a stud that is no longer here.