I don't think they are as far off as people think.
McDavid and Draisatl are superstars
RNH, Klefbom, Larsson, Nurse are solid
Chiasson had a nice bounce back season
Russel is OK
If I'm the GM, anyone else is available for picks or prospects.
I'd go after 2 or 3 of the 2nd tier UFA forwards like Nyquist, Lee, brock nelson to ice a good 2nd line.
Puuljujarvi still has time to turn it around, Bouchard is a great prospect, they should get another good one this year. Yamamoto has potential, as does Caleb Jones and Ethan Bear.
A few good signings and trades that they get good value in should get them back into playoff contention. They will need to draft far better than they have in the 2nd round and later though.
To play devil's advocate:
Yes, McDavid and Draisatl are incredible players (although Draisaitl only seems to be a superstar when on McDavid's wing).
Sure, RNH is a fine second line center, but he gets pushed off the puck easily and doesn't provide elite offense. He's still a good player, but every team has a player like RNH.
Klefbom, Larsson, and Nurse are not solid. Not if they are the top 3 defense man on your team anyways. Klefbom and Larsson seem to be regressing after terrible years. Nurse looks like a solid second pair guy though. I like the way he plays. Regardless, you still need 1 and 2 defense man- not easy to get.
Chiasson didn't have a bounce back season. He rode a unsustainable shooting percentage while playing PP1 and on a line with McDavid. He is a 3rd line player at best. If he even comes back.
Russell is not okay. He would be okay if he was on your 3rd pairing and cost the league minimum. He plays on their second pairing and costs 4 million a year.
Everybody who is left after that isn't worth any substantial picks and prospects.
They don't have the cap space to sign 2 or 3 significant UFA forwards without finding a way to move money out and even if they did, why would any player sign there unless they are getting overpaid?
Puljujarvi's camp has already let it be known that he wants out. They can probably get a couple picks for him, but he's coming off a major surgery and didn't look good before that. Bouchard is a good prospect, but still lots to be determined. His skating concerns have given scouts a pause if he can be a top pairing defender or just a power play guy. Maybe one of Yamamoto, Bear, or Jones will pan out, but even if they do- every team in the league has prospects like this. They aren't anything special.
When was the last time they made a solid trade or had a really good draft? Their entire management needs to be re hauled before you can start asking for that.
Not to mention they are locked into Koskinen as their starter now.
Look, I know I'm sounding bleak, but I just want to look at the situation for what it is. A new GM can certainly turn this this around, but they need to start improving now otherwise they will only continue to be at a standstill. With the right leader I think they can be back i the playoffs in 2-3 years.