I'm afraid the damage is already done. The last offseason was the opportunity, and SnoWang struck out looking. They could have gotten a goalie. They could've have filled out some defensive depth. In order to do so, they would've had to eat Carkner's contract and pay some of Nino's on the way out. They were obviously not prepared to do what it took to improve.
The goalie market is considerably leaner than it was. The market for defense is tighter than the proverbial diamond-producing a**, and teams have yet to have the opportunity to resign their UFA's to be. It's going to get tighter.
At this point (such as it is), NYI is best off trying to do things that won't cost us dearly in terms of talent. That is, get some better option in net. Also, try to improve the third line, because Regin and Bouchard are not contributing at all. It may be time to move on from Bailey as well.
Last year the team struggled and Visnovsky came and righted the defensive roles, as Darth indicated. This time around we're still down one defender when Vis comes back, because the Donovan for Streit move was a failure. Vis is going to have to come back slowly and gingerly - I don't see him having the effect his initial presence had last year. In short, I'm completely pessimistic. I think this year is shot, and it is better to act as if next year is the real chance.
The situation is fixable, but it will cost real money. Plan for the offseason. Sign Vanek. If you can't, sign a serious veteran winger like Vrbata. Hell, sign both on the same day. Have a 'V' for Victory ceremony. Sign a Hiller or Halak. Sign an Orpik or Hannan (or both). With a real payroll we could have a real team.