I'll entertain the argument that we lost depth at D, because we did. Losing Severson and Graves did hurt that, but it's something that needed to be done to make cap work, get Luke (And eventually Nemec) into the NHL, and Graves is buns anyway. Colin Miller was a fine 3RD option and a shrewd get, you can blame Lindy and Co for overusing Smith in his stead.
The forward depth thing is silly, though. Zetterlund turned in to Meier, who is better in every single way. Rango turned into Toffoli, who is also better. Boqvist is nothing, his absence is only glaring because we don't have enough centers. Wood got overpaid, goodbye. McLeod got booted from the league. Bastian got hurt. Lazar and Nosek are perfectly fine-to-good bottom of the lineup guys.
Really the forward depth would have looked better if Mercer didn't have a crap season and Holtz was bit more of...something.