Russell Wilson going to the Broncos is suddenly a much more intriguing QB. Even minus Noah Fant, Denver has an awesome receiving corps (who get an upgrade bump from this), so he doesn’t lose anything weapons-wise, and even picks up a few runners to take some pressure off of him.
As for Seattle, they are clearly in rebuild mode. Getting Drew Lock is clearly a bridge move to another QB, TBA later. Fant is a better TE than the Hawks have had in many years. If I had to speculate, I would say the Hawks are looking to draft a young QB who will need an outlet TE. On the downside, the Hawks WR’s get a downgrade from this move.
Short term, Denver wins this trade, but I’m not sure it will be enough to win them the division. If they don’t make the playoffs, then this trade was a bust.
Long term, Seattle was nearing the end of the Wilson era anyway, so dumping him for a package of picks and a decent young TE could work well for them, just not this year. But the picks have to be good, or this trade will be viewed as a bust.