The predictable over-reaction by fans (mostly Oilers' fans, sadly) to 12 regular season games.
It's a horrible start, with a rare combination of (a) incredibly bad puck-luck, (b) poor goaltending, (c) superstar slumps co-occurring, (d) injuries to key players, (e) the Power Play suddenly getting mediocre for the first time in four years, and (f) loss of lesser-but-serviceable players (Yamamoto, Puljujarvi, Bjugstad, Kostin) who didn't win games by themselves but served a purpose.
Mathematically speaking, it's very unlikely the Oilers can make the playoffs now. As a fan, I basically concede the season is over in that regard. But I wouldn't be surprised at all if the club is back to winning a month or two from now, when bodies are healthy and some kind of normality has been restored.
For all those saying Holland is an idiot, etc., etc. --- Holland is clearly a guy who does things his own way. He makes moves slowly, doesn't like to fire people, likes to give players long-term contracts, and likes his grey-beards. I would say in his Oilers' tenure he's made a fairly even mix of great and bad moves. He solved the Lucic problem as soon as he arrived, and absolutely nobody saw that coming or any way out of it. He signed Hyman indirectly as a result of that, and acquired Kane and Eckholm. He has failed to come up with a good goaltending solution, and I think both he and Dave Tippett were both enamored with Mike Smith, for reasons I've never understood. (In fairness to Holland, though, he inherited 3.5 years of Koskinen's crazy contract when he started -- the Chiarelli gift that kept on giving).
More important that all of that, however, is this:
13 years before Holland = 1 playoff appearance (1 series win)
4 years under Holland = 4 playoff appearances (3 series wins)
So, say what you want about Holland, but I will take the past four years over the 13 previous!
Besides commitment to Mike Smith, I think Holland created some bad karma with the way he dealt with Tyson Barrie last year. Tyson Barrie came to the Oilers to man the PP, and as soon as he did so, their PP became historically great -- and Barrie was the highest-scoring D in the whole NHL in the short season. Barrie had his defensive issues for a year or more, but during last season he shifted his style at evens and actually became a pretty good defender when properly deployed (maybe the one really good defensive strategy Manson and Woodcroft worked out). Meanwhile, he continued being a total ace on the PP, which was literally the greatest PP of all time. His contract was coming up, and Barrie could easily have gone to the open market and signed a huge contract. But he choose to take a discount and stay in Edmonton. This is hugely significant, because as many of you will know, it's not easy to get name-free agents to sign with Edmonton, and most players completing a contract with the Oilers will sign with the highest bidder and play somewhere else with better weather and less pressure. But Barrie didn't.
However, with the emergence of Evan Bouchard's offense, the Oilers decided to roll the dice and trade Barrie (to a non playoff-team) to acquire Mattias Eckholm, letting Bouchard take over on the PP. Now, don't get me wrong, Eckholm was a total stud last season and (despite a rough start this year) is a great player -- at his best, he's certainly better than Barrie. But I didn't like the smell of it. Barrie was a very popular guy in the dressing room and was emerging as a veteran team leader --- leadership being something the current Oilers seem to have issues with.
Evan Bouchard made an immediate mark on the PP, yes, but his defensive game is, frankly, atrocious. Like, below AHL level bad. (There was a game last season where Bouchard had 5 shifts in the third period, and the opposition scored on every one of his shifts.) Now, Bouchard is young-ish and may yet get his defensive game together, but to be honest I think the Oilers would have better off this and next season (potentially the last two season of both McD and Drai) with Barrie instead of Bouchard. Had they found a way to keep Barrie---the popular player who took a discount and chose to stay in Edmonton, but got booted---but still acquire Eckholm in some other transaction, I think they'd be well ahead of where they are right now in the standings.
Oh, and I don't think Woodcroft is bad at all. I think he should stay. But he'll probably get fired because that's the first thing every GM does when the temperature gets too hot.