The biggest problem with the Islanders is that almost everyone with a secure spot on their roster is making market value (or more), which leaves very little cap space available to fill out the rest of the roster. And with Lou trading away every first round pick since 2019, there's not enough youngsters on ELCs who can even be a 4th liner, so they have to go outside the organization and sign whatever depth guys they can afford. This leads to a relatively weak bottom 6, since those guys are cheap and available for a reason.
On top of that, without 1st round picks, they also have to look outside the organization for their top 6 forwards too, which leads to Lou trading more 1st round picks and whatever halfway decent prospects are left in the pool. And the few guys that should probably be traded for futures have M-NTCs that let them veto trades to half the league, so it's not like they could replace Lou and easily replenish their prospect pool with a few trades. So, they're probably destined for a long, slow decline until they are a lottery team. Unfortunately, it'll probably take a few years before that happens, giving Lou that many more chances to trade away their future lottery picks.