Regarding Ovechkin, I think it's a legit question to ask whether an ideal team would include Ovi at 9mil/year, or it would use that cap space in a different way.
However, IMO there are two main points that you must deal with before considering that proposition.
Firstly, the Caps' management has been far less than ideal. So there's a considerable risk that if they take out a key piece, they won't find the right replacements. I mean imagine two more Laichs on the team, or something.
Secondly, the Caps' have a lot of other questionable spending, so even in terms of cold-blooded bang for the puck, I don't Ovi is quite at the top of the list of questionable cap space use. So I think the obvious strategy there is -- you have to prune the more obvious (and safer to remove) contracts first, and then reevaluate. Because only then will you be able to figure out whether you need to rebuild, retool, or maybe the chemistry works and you decide you have a legit shot at contending.
But I think the overall concern is quite legitimate. IMO the Caps' top line ES performance has been horrid for a long time, relative to the cap space that Ovi and Backstrom command. We can harbor various levels of hope about what Trotz/Wilson can do, but so far we haven't seen anything except for inconsistent glimpses of something that resembles a dominant 1st line.