As someone who went to his first NHL game in the 1950s and who has closely watched all the great stars from Howe/Richard to Orr /Esposito/ to Perreault / Lafleur to Gretzky / Coffey to Lemieux/ Jagr to Crosby / Ovechkin and now McDavid / MacKinnon, I can say conclusively that the players of today are, in general, far, far superior to their predecessors.. They’re bigger, stronger, faster and in better condition. They are simply better athletes. That point was first driven home in the 1972 Summit Series, when the Russian professional athletes almost beat our Professional hockey players. The game today is played at a much higher level and a greater pace. Just take a look at Montreal’s defence in the mid-1960’s Ted Harris, Terry Harper, J.C. Tremblay, Jean Guy Talbot etc. none of them could crack any current NHL roster: they would be too slow..
You mention dilution, I mention globalization. In the late 1960s, there were only a handful of Americans playing in the NHL with no Russians or other Europeans playing. There is far more talent available now. Try to picture the Canadiens, or any other NHL team, without their American and European players. For Montreal, that would mean no Caufield, Slafkovsky, Dvorak, Armia, White, Ylonen, Primeau, Struble or Harris currently on the team and no Hutson, Reinbacher, Mesar, Farrell, Mysak, Heineman, Kapanen, Tuch, Fowler or Engstrom on the horizon. That’s more ‘foreign’ players than played in the entire NHL in the late 1960s.
Jean Beliveau was, and will remain my favourite NHL player. But I am realistic about his comparative skill level to today's stars. I remember during a recent interview when the great Orr was asked to compare his skating to McDavid's, he just shook his head and smiled knowingly.
As I have previously noted: old hockey heroes are like old girlfriends, they tend to look better with the passage of time.