As an outsider who didn't watch many Flames games last year, are they really that far off from competing?
Somewhere in between the optimist (they're only a goalie away!) and the cynic (only 2 top 6 forwards, poor depth on defense, no bluechip prospects, terrible coaching, poor cap management, + the goalie issues) is the reality.
I look at it as they have good pieces, but they're also banking on a lot of things going right like all rebuilding teams. Right now, heading into the season they have these assets:
-1 75 point winger
-1 60 point center with some size
-1 40 point center with excellent shot metrics
-1 40 point winger with excellent shot metrics
-1 30 point center with a load of potential
-1 35 point winger with size and grit
-1 top 6 rookie draft pick
-1 number 1 two-way defenseman (anywhere from top 10 to top 20 in the league)
-1 number 2 two-way defenseman (with potential to be a number 1)
-1 number 3 offensive defenseman (with two-way potential)
-a starting goalie
-a bunch of depth players, including some one-dimensional defensemen and some veterans who are showing signs of wear and tear
As far as assets that could produce results in a year or two, that's not bad, but if you're Treliving and Gulutzan you're definitely hoping that Bennett does a Monahan and becomes a 60+ point player at some point in the next 2-3 years, Gaudreau and Monahan stay as good as they were last year and the year before for the next decade, that Tkachuk becomes that bruising 50+ point power forward combo with either Monahan or Bennett, that Backlund and Frolik remain solid 2nd line options (with Backlund able to remain productive as a 3rd line anchor), that all of your defensemen hold steady or get better in the cases of Brodie and Hamilton, and that you can get rid of all the dead weight on the cap.
That's ignoring that in order to comfortably have a chance at contending the team still also needs a responsible number 4 defender, a young bottom pairing defenseman with some skill, jump and potential, and at least another legitimate top 6 forward, a capable 3rd liner (or better) and a capable 4th liner out of the Ferland, Jankowski, Chiasson, Poirier, Smith, Hathaway, Shinkaruk, Klimchuk, Mangiapane, Pollock, Pribyl, Dube, Lindstrom, Philips, Mattson, Tuulola, and Karnaukhov group, whether that be by internal development or by using them as assets in a trade.
Reality is that in that prospect group, at least two-thirds of those forwards are going to amount to nothing tangible for the roster, so you're hoping that one or two can turn out and that the rest are able to hold enough value to be packaged for something that actually does hold value for the team.
That's a lot of things that need to at least go somewhat right in order to make a deep playoff run. At this point it could really go either way, although I think that last year in particular was the lowest point and that this team can at least make the playoffs again sometime soon.