I can't say how much the Blues make or lose on good or bad years for the ownership group. Honestly I wouldn't even know what to believe regarding that because sports team owners aren't exactly transparent with their financials, but I've always been highly skeptical of the messaging that the Blues can't stomach a heavy rebuild. The franchise was at close to a hypothetical worst case scenario being a hopeless basement team coming out of a full year league lockout with virtually no young players wearing the Note to get excited for. All while the team was still competing with an in market NFL team and a Cardinals team that had just won a world series. Not only did the franchise survive, but Stillman's group bought it just a few years after that complete mess. Now I'm supposed to believe the team can't survive another rebuild ever again? Even now that we have a more resilient fanbase with the cup? Even after the Rams left? Even after how much the franchise's value has risen since these owners bought it? I just don't buy that the overall franchise health would be at all jeopardized by a full rebuild. I also roll my eyes whenever anyone from the front office frames a rebuild as 5+ years of being in the basement. That's what a failed rebuild is, but that's the same outcome for always going for it when you shouldn't and falling. For every Buffalo or pre-McDavid Edmonton, there's also a Philadelphia or Calgary who just kept going for it with diminishing returns forever.
I'm not saying I want a rip-it-all-up rebuild, but the team would survive if we went that route. Everything we had to go through in the post-lockout years was worse than any kind of full rebuild we could go through now. And if anyone bought an NHL team thinking they would never have to withstand the team being bad enough to draft in the top 5 more then once within a few years, then they didn't look at the league before buying. Not saying it's impossible to win without drafting high, but the list of Cup winners, and even just the best regular season teams, speaks for itself.
tldr: I don't believe the owners about their dire finances. We could draft in the top 5 for 5 years straight and it would be fine.
Chicago missed the playoffs 5 years in a row and drafted in the top 7 for four straight years in the mid-2000s in their rebuild that resulted in 3 Cups in 6 years.
Pittsburgh missed the playoffs 4 years in a row and drafted top 5 for five straight years in their rebuild that resulted in 3 Cups and 4 Final trips in 10 years. They would have missed the playoffs 5 years in a row, but they lockout was sandwiched in their when they were terrible.
LA missed the playoffs 6 years in a row and drafted top 5 for three straight years in their rebuild that resulted in 2 Cups in 3 years.
It's definitely not just the failed rebuilds that result in long stays in the basement.
All that said, the last decade hasn't seen many teams rebuild from the basement to the Cup.
Let's look at the last 10 years of data on bottom 5 teams:
2014/15: Buffalo, Arizona, Edmonton, Toronto, Carolina
2015/16: Toronto, Edmonton, Vancouver, Columbus, Calgary
2016/17: Colorado, Vancouver, Arizona, New Jersey, Buffalo
2017/18: Buffalo, Ottawa, Arizona, Montreal, Detroit
2018/19: Ottawa, LA, New Jersey, Detroit, Buffalo
2019/20: Detroit, Ottawa, San Jose, LA, Anaheim
2020/21: Buffalo, Anaheim, New Jersey, Columbus, Detroit
2021/22: Montreal, Arizona, Seattle, Philly, New Jersey
2022/23: Anaheim, Columbus, Chicago, San Jose, Montreal
2023/24: San Jose, Chicago, Anaheim, Columbus, Montreal
That's 19 of 32 teams with at least one bottom 5 finish. Only one of those teams has turned it into a Cup. Edmonton and Montreal each got to a Cup Final. Carolina has built a great organization, although they so far haven't been able to win a game in the Conference Final.
And then you have a ton of perpetual basement dwelling and mediocrity. 7 teams on this list have 4+ finishes in the bottom 5 (Buffalo, Arizona, Montreal, Detroit, Columbus, Anaheim, and New Jersey). I see maybe 1 contender in there (and I have to squint a bit). Buffalo's playoff drought is 13 years. Detroit's is 8. Anaheim is at 6.
Another two teams have 3 visits to the bottom 5 (Ottawa and San Jose). Ottawa has missed the playoffs for 7 straight seasons. San Jose is only at 5 straight, but they aren't close to being a good team again.
There are way more teams getting stuck in the basement than there are teams that successfully rebuild out of the basement. My theory is that the McDavid/Eichel draft somewhat ruined tanking as a strategy. More teams are aggressively tanking, which means that the race to the bottom got more and more competitive. Teams have to dig the hole deeper than ever to reach the bottom, which means that the climb back up is longer than ever.
In the 8 full seasons between 2005/06 to 2013/14, there were only 7 instances of a team finishing below 65 points and just 4 instances of a team finishing below 60 points.
In the 8 full seasons from 2014/15 to 2023/24, there were 18 instances of a team finishing below 65 points and 11 instances of a team finishing below 60 points.