I'd vote for your first bullet point, with a qualifier -- the Habs won't be competitive ENOUGH during Petry's contract. As much as I'd love to magically become an elite team next year, I don't believe we'll have the critical mass of elite talent to match the league's best. Good? Yes. Contender? No. My unemotional prediction has the Habs hovering around the same level next year. Some young players progress, a couple of players regress, and once again we're good, not great. If so, Petry helps us remain in the playoffs, but neither he nor any existing prospect pushes us into that top tier of teams.
Given that scenario, I'd rather bulk up for two/three seasons from now. That means taking one step backwards this year to move two steps forward later.
Meh Pens are on the way down might not even make the playoffs this year. Wash has 1 cup that took them 14 years of losing to get don't have much trust in them to be a powerhouse for years to come especially as Ovie/Backstrom get older. CBJ will lose Panarian and maybe even Bob, good team but not complete. NYI are better without JT but are they elite?
Toronto has yet to win 1 round with their new core call me when they can win a series. BOS, I will take Montreal v Boston in the playoffs any day of the week. Doesn't matter if we are the underdog Boston v Montreal you throw out the regular season. FLA/BUF maybe they can make the playoffs more than once a decade before we crown them as cup champs.
That leaves TB which is the class of the league. So if you want to judge the habs against TB then every other team might as well throw in the towel right now because no one matches up to them.
If we can add a forward up front and a top 4 LD the habs can compete. This isn't 2014 anymore with MT coaching the team. We barely have any players left from that era. The habs are one of the top scoring teams 5v5 this year, if we had a functional PP we would probably be a top 5 GF team. If Weber played from day 1 we probably are top 5 GA as well.
Or we can throw everything away and hope that some miracle in 3 to 4 years all our players will break out at the same time, and that we will be able to find 4 or 5 depth players like the Petry's, Byrons, Shaws, Armias, Tatars etc.... Or more likely we become like FLA or BUF or ARZ or EDM all the other teams that have sucked for multiple years. Tanking? Tell me how much LA tanked this year or PHI tanked this year. Teams that don't try to tank end up tanking so planning to lose isn't even a gurantee. You can do your best to make your team as horrible as possible but someone else out there will probably be worse then you. NYR probably thought it was in the bag to get the number 1 pick but they didn't count on LA/PHI/NJD/CHI somehow being worse than them even though all those teams were trying to make the playoffs this year.