You want to see this team really sink down to nothingness? Dump Lundqvist and everyone will be kicking themselves in the ass after.
we saw a Rangers team without Lundqvist achieve nothing for 7 seasons, yet not suck enough for a top 5 pick. We've seen a Rangers team with Lundqvist achieve 1 ECF appearance in 8 seasons, which, depending on your POV isn't all that much.
While losing Lundqvist would suck, as he's the best goalie in the league, it doesn't automatically equal the years of 'nothingness' that people keep alluding too. As has been mentioned, if his contract requests are too high/too long, losing him will be the right decision, even if we do end up spending a few years down the bottom of the conference