I dont think they are contenders at this point. They could be somewhat soon depending on how things go.
We havent shown the ability to be successful in the playoffs, so I think its a pretty big leap to expect the team to win a cup this year.
I think theres a few things that need to happen for the team to win.
As great as McDavid is, I think its going to be hard to win in the playoffs. The way the game is called in the playoffs, neuters his ability. I wish it wasnt the case, and I hope things change but I am not optimistic. He needs a lot more help for this team to be a contender (more help than he should theoretically need). At least the forwards should be better than last year, so this should help out substantially (I think it will help promote a more competitive and overall team defense). But the rest of the forwards cant be waiting for McDavid and Draisaitl to do everything.
The team needs one of Bouchard, Broberg, Samurokov etc to emerge as a top pairing dman. And they probably need one of the other to be a top 4 pairing dman. Time will tell on this one.
Some of the draft picks on this team need to turn out. Particularly guy(s) who were drafted round 2+. We watched the Jets this year, they have guys like Lowry, Copp, Appleton, etc who have turned out to be good solid players (middle 6 players). The Oilers need this. They need some guys like Maksimov, Benson, Kesselring, Munzenberger, Tullio, Savoie, Lavoie, etc to turn into good solid players. Doesnt matter which ones it is, but there has to be multiple of them. We also need a coach that trusts them and puts them in a position to succeed.
Lastly we need some stability in goaltending. Smith was great last year. Dudes getting older now. Maybe he has another good year, maybe he doesnt. Its risky regardless. Beyond that they need to find a goaltender or they need Skinner, Konovalov, Rodrigue etc to work out.
Alot of these points just seem like wait and see to me. I think this team can win a cup at some point but I'm not sure its going to happen this year or next. I am concerned that the Nurse/Keith contracts will make it harder to be competitive next year as well. I think Year 3 and 4 are going to be key on what this team can do.