It's quite remarkable how quickly Sakic and cMac managed to f*** this team after winning a cup.
Such is life in a salary cap world. You have to supplement your superstars with young, cheap depth in order to sustainably compete OR get lucky and have players outproduce their contracts.
Take Vegas for example:
Chandler Stephenson: 2.75M, yet scores 0.80 PPG last 3 seasons and is a fantastic defensive forward. He's a UFA this summer, will be primed to regress but also at least double his current salary.
Jonathan Marchessault: 5M
Shea Theodore: 5.2M top pairing defensemen
They've also got young players now establishing themselves like Pavel Dorofyev (825K), Paul Cotter (775K), and Logan Thomson (776K).
You also can't make mistakes, or at least have to minimize them. The Avs right now are paying:
4.5M to Josh Manson
4M to Ryan Johansen
4M to Ross Colton
2.5M to Miles Wood
987K to Kurtis MacDermid
1.5M to Tomas Tatar
From that list, I would argue the only worthwhile piece is Colton and he should not be making 4M. So remove his total and you've got almost 13.5M to find a 2C, 3LW, 3RW, and 3RD. Which, honestly, should be doable but the Avs made mistake after mistake with the cap.
Thus, we are where we are. A top-heavy team with limited depth due to cap casualties and cap mistakes.