I do agree that it is frustrating that they signed Boeser and Mikheyev and didn't leave themselves any cap space, and as a result, needed to trade a 2nd to dump Dickinson...only to then spend the cap savings on a pretty marginal player in Ethan Bear. Overall, its not very impressive. Mikheyev in isolation looks like a good signing, and while I never liked the Boeser signing and would have traded him I understand how they ended up where they did.
Overall though I think its pretty obvious that this team's major weakness is defense. Don't get me wrong, I still don't think they are very good otherwise, but with a better defense I think they could be in a playoff spot. But I think there is an incorrect narrative that their management of the cap led them to being unable to acquire a defensemen. I don't think this is the case. JR has stated that they were in on all the defensemen this year, and based on when Mikheyev was signed, it would appear to me that he was signed only after they felt they had exhausted their options on defense. And to be fair, once you get into the season, there are not too many "non-rental" defensemen that are available so I can see why they would spend the money on Mikheyev,