While GM is important, the positions of Director of Player Personnel , Director of NHL Scouting, Director of Amateur and European Scouting are key to the franchise success. Vegas did a great job evaluating players that were available in the expansion draft. Further, they
drafted good prospects. McPhee got the credit for Vegas, but the early success they had were recommendations from the scouts etc.
Cap won't be an issue for an expansion team, but selecting the right players in the expansion draft and NHL draft is vital to the franchise..