Edmonton: Adding McDavid, Puljujarvi, Lucic, and Larsson was huge for that team. They're in a position to start winning. Their cap situation could get messy, but they'll deal with it when the time comes. Plenty of depth on offense, defense is coming along (but not quite there), and Talbot appears to be a capable #1. I think they still need a top pairing guy, but Klefbom may be able to fill that in the next few seasons. One thing is certain though, and that's that this team needs to start getting results NOW.
Calgary: Some strong pieces in place so far. Should have great center depth. Top 3 defense is very good. Bottom 6 not so much, but there are a few key prospects that could fill that void in a year or so. They still lack a top 6 winger. Tons of cap space off the books next offseason, it will be interesting to see what they do with it. The goaltending should be much better this season. I give them another year or two before they're a contender.
I'd say the Oilers are ahead (granted, they've been rebuilding longer). Offensively, they're a deeper team. Calgary has better high end dmen, but the Oilers defensive group is underrated. Davidson is a solid #4. Adding Larsson really strengthens that top pairing. Nurse should do better this year too. Calgary's rebuild has definitely been going well though. The Battle of Alberta is going to be great again.