It will affect the market a lot. I don't think the draft pick attachment will significantly depress any free agent's value from now on.
A first rounder is something like 8+, but perhaps a lot more for some teams and certainly for mid-round picks rather than picks at the end of the round.
But the average WAR by draft pick is a hockey stick graph, right. So the drop off is sharp. A second rounder might be like, 2.5-4 million. A third might be 2.5 and under, something like that. By the fifth round the dollar value is negligible.
And besides the money there is a different psychological impact. A team can give up their 3rd rounder and still have 2+ picks before that. It's way different than the idea of giving up your top draft pick, right?