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The Saints themselves see that trade as how I described it so...I've seen this said a few times, but it isn't true.
Saints traded the pick #18, and the future 1st (plus other assets) for pick #11 and #19.
Penning was selected with pick #19. We could have selected Penning at #18 that year without the trade.
Olave was the player selected at #11, and who the Saints set themselves up to select by trading away the future first for.