Worst case scenario 1st overall (well I guess worst would be being the worst team and having another top 5 wins the lottery). With this worst case, they get to draft either the most touted Russian since Ovechkin, or from one of the deepest defensive groups in the last ten years, which includes potential premier talents like Murray, Ebert, and Reinhart.
Other scenarios: Draft #2-9. Get one of Grigorgenko, Galenchyuk, Dumba, Trouba, Koekkoek or one of the aforementioned four. Sure a couple of these guys will likely fall out of the top ten, but by the time the draft rolls around, others will have risen, and still others will pull Strome or Skinner's and rise from unranked, to first rounders, to top 10.
Best case scenario (although some may argue this in the opposite direction): They make the playoffs. This means RNH, Hall, Eberle, MSP, Gagner, Omark, Petry, and Peckham, or others have improved dramatically as a unit. That would not be a bad thing.
That said, as nice as it would be to pick up these elite prospects (and I do think they will get one), I think in the long term the team would do well to improve markedly on this season. Adding a few quality vets at above market would be wise.