I'm almost thinking....if we're going to be a budget team forever, perhaps the best thing is to focus on '2nd tiers'. As in, try to build two second lines, and hopefully two third lines. No real stars, but good depth and a reasonable chance to get some points production from all four lines. It's not a Cup-winning combination by any means, but it would be reasonably competitive and a good development group for the kids, while we wait for a new owner.
I think if we're forever a low budget team, then the strategy needs to be treating it as a never ending rebuild cycle. Essentially a couple golden rules with no exceptions allowed under any circumstances.
-Never, ever trade a draft pick unless it's for a young, cost controlled player.
-Plan to trade everyone that ever plays for the team and do it entirely based on contract demand projections. Do it pro actively when value isn't low like we're seeing now due to contract pressure points.
-Scour the ufa market every single year for one year flippable players at the deadline. Always flip them, no exceptions.
-Invest more in scouting, management and coaching
Wouldn't get sustained success year in year out, but its the only idea I can see possibly working for a team spending 2/3's of the cap without flexibility.