I think there's a lot of over-reaction here.
Next season will obviously tell the tale, but at this point I'm not overly concerned about the team. They're a season removed from a 2nd-place finish and a nice playoff run. I enjoyed them this season. McDavid is incredible and there are a lot of interesting players I look forward to following more.
Someone said: fire everyone, hope McDavid doesn't leave, and wait 5-6 years. Uh... what? Look, the team is 83-66-15 in the past two seasons. They're not actually that bad. They're stacked at the most important position -- center -- and are starting to develop a nice D-core, assuming everyone is healthy to start next season. They have the most exciting player in the world. The goaltender has had one bad season -- last year -- and is, all things considered, likely to bounce back to standard level next season. Players like Khaira, Nurse, and Bear have been developed very well.
People have also over-reacted to trades made, though certainly some have been poor. The obvious one -- the removal of Taylor Hall -- is always being quoted as "Hall for Larsson", which it wasn't. The trade was more accurately Hall for Larsson and winger (Lucic). Now, with Lucic having come off a horrendous season and Hall having his one truly great season, it looks bad in the here and now. But let's say, as is very likely, that Larsson bounces back to full health and performance next year. Then, let's say Lucic (who after all is only 29) bounces back to a solid 50-point season again. The trade is not so bad, and is in fact probably about even in simple player value, at that point. Strome and Eberle is similar, in that it's really Eberle for Strome plus freed-up cap space. (I like Strome, by the way, who is versatile and hustles out there.)
There's a lot of negativity around the team from the fanbase, and understandably so after a disappointing season, but I don't think firing everyone and starting from scratch is the solution. I also don't think the "old boys' club", per se, is a problem in itself. I mean, Montreal won about 18 Stanley Cups in 25 years or something with an "old boys' club" organization. Hiring ex-players is not necessarily a bad thing, and certainly serves to establish links for fans with the past and the present, which is good. The issue with the Oilers is that they don't seem to hire the right people at the right time, or they fail to establish the roles of people hired. Okay, they can fire Lowe, MacTavish (outstanding coach, btw), Gretzky, and Coffey tomorrow... and what? The team's suddenly going to be great overnight because some ex-players who have little to do with today's roster are gone? Doesn't work like that.
I personally think -- applying Occam's razor to the situation -- that the fundamental problem with the franchise over the past 15 years or whatever is Daryl Katz. At some point, when all coaches and managers, consecutively, for many years in a row, fail, you then have to go to the very top to find the one consistency that has been present throughout. It's him.
In that sense, I'm not optimistic because, let's face it, Katz isn't going anywhere anytime soon. But as far as the personnel on the team, I don't see any reason to foresee gloom & doom and to throw in the towel.