Calculated EV for this using Dawnglare per-pack EVs:
Tier 1 pack EV is $4.53 (biggest EV hits here are Modern Masters 13 and 15, Future Sight, Foil Alara, and Zendikar , with the general majority around $4-$5 EV. Misses include 10th Edition, Betrayers, and Innistrad)
Tier 2 pack EV is $2.26 (biggest EV hits are Modern Masters 17, Scars of Mirrodin, Coldsnap, and Fifth Dawn. General majority in $1-$2 range. Misses include Dragon's Maze, 8th and 9th Edition [considering their rarity])
Expected EV for this drop is $13.57. Do note though that this assumes you open all the packs, and that these packs don't go for their EV, but are marked up significantly due to collectible value, age, etc.
LegendaryQI calculated $14.53.
I used mtg.dawnglare's set value. My findings are very similar to yours, this doesn't fit the high standard value that we have come to expect on Massdrop.
kodabbWell, we know the probabilities of getting each pack and the EV of each pack, so the sum of (probability)*(EV) = EV of that pack in the drop. Do that 4 times for the Tier 2 and once for the Tier 1 and you have the drop EV.
Expected EV for this drop is $13.57. Do note though that this assumes you open all the packs, and that these packs don't go for their EV, but are marked up significantly due to collectible value, age, etc.