While Chiarelli made some god awful trades (Hall for Larsson, 3 picks for Reinhart who was left exposed, Eberle for nothing) and signings (Lucic, Russell), this team should not be as bad as they are.
Realistically moving forward they have this is a core:
x-McDavid-x
x-Draisaitl-x
x-Nugent-Hopkins-x
That's the best center core in the entire NHL
Let's say Puljujärvi takes a step, Yamamotto plays regularly and sign Wayne Simmonds to a cheap 1 year as he looks to rebound his value playing next to McDavid.
x-McDavid-Simmonds
x-Draisaitl-Puljujärvi
x-Nugent-Hopkins-Yamamotto
Add Lucic who's not going nowhere, Kassian and maybe Chiasson if he's resigned and that's should on paper be a very respectable top 9
Chiasson-McDavid-Simmonds
Kassian-Draisaitl-Puljujärvi
Lucic-Nugent-Hopkins-Yamamotto
Evan Bouchard gets called up and the defence while still lacking a true number one should in paper be respectable as well.
Klefbom-Larsson
Nurse-Bouchard
Sekera-Russell
And while Koskinen should never have been signed to that contract, Oilers tailspin aside he really is an average NHL goaltender which is good enough to make the playoffs at the very least.
Chiasson-McDavid-Simmonds
Kassian-Draisaitl-Puljujärvi
Lucic-Nugent-Hopkins-Yamamotto
Klefbom-Larsson
Nurse-Bouchard
Sekera-Russell
Koskinen
Stolarz
That should on paper be a contending team...not favorite..but contending.