For the hell of it (aka I don't want to do actual work), let's assume that they don't win the Crosby draft and settle for Bobby Ryan... They'd still suck for a bit and I'll also assume they still draft Staal. Without Crosby there'd be a lack of FA interest so no big names like Palffy, Recchi, Leclair, or Gonchar. They'd not make playoffs in 06-07 and would likely still be bottom 10. Let's just say they draft ... Sam Gagner?
So for 07-08 they'd have something like this:
Malone - Malkin - Sykora
Armstrong - Staal - Gagner
FA - Christensen - Kennedy
Ruutu - Talbot - FA
(Ryan in the AHL)
Whitney - Sydor
Orpik - Letang
Scuderi - FA
Eaton
Fleury
Conklin
Yeah, pretty sure they'd miss playoffs again. 08-09 SHOULD be better.
If anyone wants to do it with Kopitar instead of Ryan be my guest. Heck, maybe keep Morozov!
And let's be honest, they'd likely be in Kansas City or Hamilton.