Don't even think the Avs had a bad offseason. They shed over $7 mm in salary of complementary players who don't show up in the post season at all. Donskoi completely disappeared in the second round of the past two playoffs. Graves... pretty much single handedly lost OT for Colorado in game 5 with his tunnel vision shots from the point leading to a breakaway. It's also tough seeing a guy whose role is presumably to provide grit be turn down fights and be manhandled by Reaves the way he was after the Janmark hit in game 1 v. VGK. Sakic's plan was specifically to rid the team of those two players through the expansion draft, mission accomplished. He protected Logan O'connor for god's sake to make sure Seattle wouldn't pick a cheap player and leave him with both Compher and Donskoi still on payroll.
Also, they finally added someone who the other team is afraid of being punched by (McDermond), and made a bunch of depth signings to replace bottom of the lineup players that left. They are expecting Byram and Newhook to come in and take on major roles, those highly touted prospects should more than make up for the combined loss of Graves and Donskoi on the ice. If that's not an upgrade it will be a disappointment. And, they signed Makar and Landy to team friendly deals. Landy's term may hurt on the back end, but Makar making less than Seth Jones, Zach Werenski, Erik Karlsson, and Doughty, is pretty great. He easily could have demanded 11 MM and probably gotten it. I will say, that I wish the Avs had signed Saad to same deal he got in St. Louis.
Finally, they got better in goal, for almost half the cap hit. The trade for Keumper felt a bit steep, but the assets given up will have almost no impact on THIS year's cup run other than maybe limiting their ability to trade for a difference-maker during the season. I just don't see how the Avs offseason was a negative as a foregone conclusion.