Trey Lyles was a lotto pick (he still has value even though he's been bad), $7M in savings this year, additional cap space next year, they tank the season this year to add some young top tier talent. I said I'd add the OKC pick as well... that is not nothing.
Both of these players carry significant injury risk which hurts their value... significantly. Guys in last year's of their contract typically don't fetch first round picks and it is tough to say Jrue's contract is great when he has an injury that has had him miss most of the last two years and on a significant minutes restriction now.
Look at trade history... Jeff Green netted a protected first rounder from a playoff team when he was traded (he had two years left on his deal). Thad Young got less at the deadline for MN, but there were circumstances there. Isiah Thomas a healthy productive player on an amazing contract got a first rounder.
Not saying they couldn't do better, but it is not "nothing" or "laughable" as you suggest... I would expect nothing less though from the board's contrarian that wanted to give up Lyles, a first, and contract fodder for the perpetually hurt Wilson Chandler.