Some may say it is reaching slightly. But with the new rookie wage scale, reaching doesn't cost you much.
I think people only view it as a reach because of where these media guys put him in their mocks, and the only reason they put him that late is his off the field issues. Like the analysis says in this link, he is a top 15 talent. If a team is willing to look past his past off the field issues, then he certainly isn't a reach at 15 at all.
I don't know Ogletree personally at all, but if the Saints chalk his incidents up as just being a dumb college kid, and think he won't be a
problem, then I am all for him at 15, especially in a situation like this mock.