On paper, I think they definitely are and in reality, could be. They've got great depth up front...FF9 is probably the most unsung star in the game. Novak is going to pile up assists with the new winger rotation. They run 14-15 guys deep with the likes of Tomasino and Glass not listed and even if they are dealt - there are some high-end and seemingly ready prospects in Milwaukee like L'Heureux and Svechkov who may challenge for ice time. They've had a great AHL development going on in Milwaukee for several years...don't underestimate how that can quickly plug holes and create depth and ready-made prospects. Milwaukee has been one of the best teams in the AHL for like 4 years now and really none of the big-name additions have come at the cost of those top prospects.
Skjei is a huge addition to that blueline - if he plays like he did last year, I like the swap of McDonagh for him from a stylistic standpoint and offering Josi some two-way help. Stastney is a sneaky solid youngster and they have some nice options like Del Gaizo, Blaneknburg and perhaps the rising Ufko for depth. I definitely wouldn't say their defensive core outside Josi is near the top of the league but they've got a lot of simply "solid" guys.
Saros-Wedgewood-Askarov is as good of a trio as you'll find in net. I'm not gonna focus too much on the down metrics for Jaros last year...if you really think he's fallen off badly, then yes, that's a big hurdle for this team. But I see no reason to drop him from the "elite" category of starter...even the best have some down years mixed in.
It's an older group but it's not like witheringly old and the deep and talented prospect pool remains untouched. There's lots of pedigree and moxy in the locker room. Most importantly, I think this is a team with depth at all three levels which I think is underrated in terms of getting through a season with a high seed. I know there is always backlash to the teams that make big splashes in free agency and it is easy to say "well, they overpaid for a bunch of 'names' that are aging.". But I LOVE the urgency the Preds have shown...too many teams waffle in purgatory and the Preds were on the verge of being in that zone. But they picked a lane and decided to throw it all in...and I kinda love it.
I think they are going to very formidable out West, even if they aren't sexy.