The Oilers have:
Poor depth fowards
Poor high end defencemen
Average at best goaltending
The first thing I would have done as GM of this team would have been to go into the summer with 4M TOTAL to spend on goaltending. This team isn't going anywhere unless it develops a goalie or two through the draft and Bakersfield. I'd rather spend the cap on defenders and forwards who can score the occassional goal. There was no need to pay a premium for Koskinen.
Varlamov
Kinkaid
Mrakez
Lehner
Howard
Ward
Elliot
Talbot
I doubt that any of the above get more than 4M as UFAs and some of them will likely earn below 2M next year.
There was probably a healthy buyer's market for the likes of Greiss,
Varlamov -> wants 5m+ for sure, isnt worth that
Kinkaid -> with current cap more than 5m too, probably worth it
Mrazek -> 4m max but not worth it. Way too inconsistent and will probably sign at Carolina anyways.
Lehner -> Will probably stay an Islander with the trust he is getting there + Mitch Korn. Also with his mental issues stability will do him good. On open market if he keeps this season going he could command something like 6m+ easily.
Howard -> He's no better than Koskinen or Talbot, and as I can't compare to Koskinen I say that he is inconsistent compared to Talbot.
Ward -> I don't know if you're for real with this, he's a back-up now.
Elliot -> Don't really know much about him so not gonna comment.
Talbot -> Well, having Talbot + Koski both signed for 4.5m wouldn't be that horrible if they can work together like Greiss + Lehner. Its 9m on goalies but thats still on "ok" level to spend on goalies. There are teams that spend more worse or slightly better that its not really warranted to call their situation any better. A quality 1a 1b tandem with Talbot + Koski would be ideal in the long run.