Don't blame the pads. 5 hole isn't his biggest issue, his biggest issue is shots from the outside.
Lundqvist plays very deep in his crease. That helps him to stop quick passes and shots at pointblank range, along with wraparounds and plays behind the net. But it also leaves him susceptible to shots from outside the circles.
He's technically sound- actually, beyond sound- in close. When it comes to those low shots and quick plays, he's easily the best in the league at coming up big. But when it comes to those outside shots, playing as deep in the crease as he does, his angles need to be perfect. Unfortunately, they aren't- getting burned by wrist shots and slight deflections are Hank's Kryptonite.
But what's causing this exposure all of a sudden? If you've been paying attention, this has always been a weakness he's had. In the past, even dating back to the dark ages, he's faced so many shots that any goals he let in were never really analyzed.
When Torts came in and set up the shot blocking system, Hank already earned his spot by making those impossible saves below the hashmarks.
Part of that Torts system was forwards collapsing low and blocking shots, and defensemen taking those outside shots away on the rush. That played to Hank's strengths- the shots that he gets beat on were either getting deflected wide, missing the net, or being completely absorbed in front of him about 85% of the time.
We still saw them get to the back of the net when they got through though, and the weakness was still apparent.
Once the work ethic, forcefield Black & Blueshirt system was really in place in 11-12, we saw a perfect harmony of our team concept and Hank's strengths, which lead to our first place finish and Hank's Vezina.
Last year though, we traded away and let walk our team concept, and Hank crumbled along with it, particularly during the playoffs.
If you have the stomach for it, go re-watch all the goals that Hank let up during the playoffs, particularly against the Bruins. Then, come back and tell me how many of them were outside shots that wouldn't have went in had he been standing a foot further outside his crease and cutting off the angle.
And don't get me wrong, I'm not saying Hank didn't make great saves last year during the playoffs. But does making a few out of your mind saves really give you license to let up weak goals that come down to Bantam hockey basics? Cut off the angle, do what every goalie is taught to do in elementary drills their whole life, and so many of those goals don't go in.