Your projections of ~5% increase per season puts that cap at about $96 -$97M by the time Mcdavid is signed. So if that plays out (and it might not...could be less based on economic projections) then we are still at best around 52-53% of the cap for 4 players.
That includes Darnell Nurse and his albatross contract as well.
Not exactly an effective use of resources when you have a little over $47 -$48M to fill out 18 roster spots.
Throw in 4 - $5-$6M players and now we are looking at approx $24 - $28M for 14 roster spots.
The kicker...one of those $9M+ roster spots (part of the original 52-53%) is being used on a player that is no better than a 2nd pairing dman. That is something this team just cant afford.
Not exactly a recipe for success.
I am not sure what you expect the contracts to be but I am using: Draisaitl 13.5M, McDavid $14.5M, Bouchard $9M, Nurse $9.25M which I think is very realistic. The Bouchard number is flexible in both directions since they could always go with a shorter term if need be at a lower hit using guys like Hughes, Heiskanen and Makar as comparables. That is $46.25M for the four which would be a hair over 47% of my projected cap.
I am also not sure what "current economic conditions" you are speaking of but current revenue is $6.2B. Under the previous formula the cap at that number would have had a ceiling of around $102M. If you cap escrow at 6% as is the case under the current CBA it would have already been around $94-95B. For revenues to get you to my number of say $98M with a 6% cap on escrow, they would have to increase at about 2% per year over the next two years.
With the escrow debt paid off the NHL is in catch-up mode wrt to the cap. The 5% number I chose is from the current CBA. It is the maximum that the cap can increase year over year under the CBA without permission of both parties. This year they bumped it up by $300K over the 5% max. The addition of Utah will likely present revenue opportunities to go even further than that. The difference in what one might expect out of Utah vs Arizona this year alone could well add more than 1.5% which would mean that my prediction really requires actual organic growth of about 1.2% per year while the NHL revenues have been far outpacing inflation since the end of the pandemic.
Looking further ahead, the NHL has been aggressively growing their sponsorship (team sponsorship grew at over 10% last year) and has a target of $10B for revenue at the end of the decade. If they were on track to hit that number by year 2 of the McDavid deal with a new CBA in place you could see a cap of $110-115M. Even if they only get to say $8.5B with a cap on escrow of 6% we would still be looking at a cap in the 2030-2031 season of close to $130M. So while the cap may be tight for the next few years by the second year of the McDavid deal you should already see a lot of new space coming on as everyone of the teams key players would be locked up long term, the cap should be rising aby $5M+ per year and all but $1.5M of the current over $6M in dead cap would be gone.
Even if you want to quibble about these numbers what actually matters is the team total not just the top 4 guys. The next three core players in line are Ekholm, Hyman and Nuge who are all on great contracts. As I have repeatedly pointed out to another poster, the Oilers overall payroll even with those four would still be in line with previous championship teams like the Pens.
No one is arguing that Nurse's deal is not a drag. It is. But it is unlikely that he is going anywhere. And while this does put a limit on the team making significant additions without some subtraction, they can still do so within the context of their current roster. They have other places they can look to save with Kane and Kulak being the two most obvious pieces. Moving on from Kane and replacing him on the roster with Savoie for example would probably allow them to add a RHD at about $5-6.5M.