Well first off, I'm not placing the blame solely on Faulk. I've mentioned Krug as an issue as well. Let me put it this way:
Neither Faulk nor Parayko are #1s. I think we agree on that. Then the question is, which one makes more sense on the second pair if we had to pick (B/c we will need to pick if we're really going to solve this issue). I think it's pretty clear that Parayko wins that hands down, as he can do something that Faulk cannot, which is play shut down D against top competition. We won a Cup with him in this role.
I like Faulk a lot, and think he's a really solid player. But he's NOT the player you win a SC with on the second pairing, unless you have a bonafide #1 AND a bonafide shutdown guy for the second pair. Hence he's a #3, and the problem becomes that he's overpaid at 6.5M. Like, if we had AP as our #1, and Faulk was lefthanded and played with Parayko on the second pair (or AP on the first), I'd say sure, we can win with that. But if that's the case, we need to pay Faulk around 2/3 of what we're paying him now.
Basically, both Krug and Faulk are overpaid #3's at best. Parayko is a reasonably paid #2. We don't have a #1. We don't have a path forward to get a #1 that I can see. Hence why I think we're going to keep struggling until we solve that issue. At the moment getting that #1 is our biggest issue. However, once we acquire a #1, we run into a second problem of having to rework our salary structure to fit said #1 in. When that happens, both Krug and Faulk will become a huge financial liability.
The only thing that could make it all work is if we find a true #1D who's also left handed and makes under 5M, while also trading Krug for no salary back. Chykrun fits a lot of that criteria, but no one is really sure if he's an AP level #1 yet. Not to mention he's going to be all sorts of expensive to aquire.