This is a horrifically bad article. Absolutely terrible. I honestly cannot believe the person who wrote this is a paid journalist. It is difficult to know where to even begin listing the stupid assumptions and omissions this article makes.
First, why are Vegas odds the measure of success? That is not even an accurate picture of who the best team is right now. It is simply a measure of who people are betting on to win the cup, and odds shifting to allow the house to profit. Blues happen to have the most points in hockey, but much can happen before the Cup is raised.
Second, it does not take into consideration long-term future, injuries, coaching, Return on Investment (how much money a team makes- it is a business), coaching salaries, and numerous other factors. A team which mortgaged their future on a cup run now would have good odds. That does not mean they made better investments than a team who is poised to make cup runs for the next 5 years (16% now, but 1% next 4 years vs. 15% next 5 years).
Then there is this sentence: "In fact, based on [the Hurricane's] current spending and money management, they would have to commit $4 billion over the cap floor to guarantee a 100 percent chance at a championship". There is so much wrong with this sentence, I can't possibly list it all. Let's leave it at the fact that there is no such thing as 100% chance to win and multiplying spending does not directly correlate to multiplied odds to win.
Finally, is Carolina even the worst team by this standard. Buffalo pays only $6M less (89% of Carolina's spending) but has infinitely less chance to win the cup (0%-mathematically eliminated) and has 25 less points (65.75% of Car's points). If it is only going to discuss 2 teams (one of which is not the newspapers hometown team), it should at least choose the worst.
This is not to say Armstrong is a good or bad GM. I think he has done a great job. I do think he has made mistakes: trading Perron, signing Roy, and the term on Shatty's deal. Overall though, he has put the team in a great position to win its first Cup. That is the only measure of efficiency I care about.