Rob, that's about what I read. Eiffert was 1, Ertz 2, and then Escobar and Kelce were generally the other two. McShay had them graded:

Eiffert: 93
Ertz: 88
Escobar: 81
Kelce: 80
McDonald: 78

Looking at that, McDonald is really close to the last two. 80-89 is a 2nd-round grade, 70-79 a 3rd round, so those guys are all pretty much in the same area. I think what Baalke saw is a player who is a lot more versatile than the other three. He's bigger (heavier) than Ertz (all three actually) and has much longer arms and more strength (31 reps at the Combine). McDonald looks to be the one who can pay H-Back and be a better inline blocker. (ESPN really pans Ertz's ability to block.) And quite simply, Baalke and H want to replace Walker as much as possible, so they didn't want someone who was basically a pass catcher. Ertz is a better receiver (right now), but McDonald does other things better.