While I won't say we wasted a 3rd round pick, I did and still do have issues with Teddy straight up for the 3rd round pick.
First, we could've attempted to sign him in the offseason for nothing (possibly wouldn't have wanted to be here but still would've liked to see us try). If not Teddy, we probably should've done more than sign Tom Savage. While I don't believe any QB that is currently on the roster or that was available in free agency steers this team to the playoffs if Drew Brees goes down, I do agree that adding Teddy allowed us to have some flexibility with Taysom. I like having Hill playing special teams and running the Slash type roll for the offense and without a backup QB I believe this team is in the position to allow that to happen.
Now on to Teddy. I still believe two things about him. One, he's an average player. Nothing special, I do not believe he's the next franchise QB. Didn't think he was in Minnesota and still don't think he is now that he's in New Orleans. Second, he will not be here next year. Unless Drew somehow changes his mind, win's the Superbowl and decides to retire, Teddy is going to take advantage of a weak QB free agent market and an even weaker draft. Teams will give him a opportunity to play as a starter and pay him legit starter money. New Orleans only gives him the opportunity to sit behind Drew and in an already short NFL career, 2-3 years of sitting is a big deal. I do not see any possibility of him signing here unless Drew retires (I've been wrong before though).
So, the way I see it, we paid a 3rd round pick for a one year backup that allowed us to utilize Taysom Hill the way we have. Taysom has been great, but another comparable backup would've done fine without the 3rd round pick being given up.