I don't think there should be anything controversial about putting the Oilers hovering somewhere around, or perhaps just outside of, the top five mark. I'd personally put four or five teams ahead of them, but I think it's fair to say they're in the mix.
I do think they looked completely outclassed by Colorado, though, and I don't think the difference in that matchup is the addition of Jack Campbell.
I agree with your measured take.... few x factors that may or may not make us better this season vs last...
Campbell should be steadier than Smith as he's younger with less wear and tear. I don't think anyone think's he is winning the Vezina but if he can be around .920 and healthy.. awesome. Definitely not a guarantee.
Kane for a full year could be a great thing (or a really bad one) but that is a big difference too as we didn't get him till late in season. Definitely not a guarantee.
Woodcroft (and Manson seems very good) as coach for a full year should be a big improvement for us (but you never know). I think he might be the biggest X factor for us as he seems to be a very good coach (some questionable playoff choices though).
Bouch should be nearing his potential and should be in for a very good season (I hope but also not a guarantee)
3 hopes and prayers ... I think those 3 factors are more important than Campbell/Skinner over Smith/Koskinen but we will see.
I"m also seeing some revisionist history... oilers were terrible for long stretches last year, had to fire their coach in season and LA was missing some real key players in round 1. Our big achievement was that we kicked the shit out of Calgary and that was great because they had the goalie we were trying to get and he had a bad series. The AVs kicking the shit out of us is also seemingly forgotten and, as an Oil fan, we weren't close.. we got taken out by their backup goalie. I'm not sure if we've closed that gap at all!
Making the final 4 was amazing but it was an insane up and down season with an amazing run from Drai/McD (Kane, Hyman and RNH as well).