Slats biggest mistake was hiring John Tortorella.
Other teams, like say STL, wasn't in a better situation than us 4 years ago. But we spent 3.5 years just throwing the puck away. Looking around the league, its extremely obvious that right now what is working is the absolute opposite to that style that worked before the lockout when Torts won with Tampa.
While we chased the Ashams, Powes, Pyatts, Fedetenkos and co, other teams focused on building a team game with PF's on scoring lines that were carried by a potent transition game. They could get those PFs up ice. John Moore was Torts dream D, he never thinks on the ice, just throws the puck away. Torts loved Moore. Other teams drafted, developed, traded for and signed Ds that could move the puck under the pressure of a forecheck. Guys like Pieterangelo and Edler became stars in this league when it comes to moving the puck, Marc Staal is passing the puck like Radko Gudas because he wasn't allowed to pass the puck for 3.5 years.
That's life, sometimes you screw up. Slats has a documented complete lack of ability to overview what is working in the NHL. He didn't trap when 29 other teams in this league trapped. He went with Torts, when all other teams went in the complete opposite direction.
I think building a team that can win in today's NHL is an a lot more long term process than anyone can imagine right now. It seems like the extreme rebuild team will need a full generation just to establish themselves as a lock as a PO team, let alone to get into the mix as a contender.
Someone talked above about rebuilding with a plan. Look at Minny, they had a plan. Got a group of real good prospects on the verge, some established stars in the NHL, and then went all out and got two really good UFA's in Parise and Sutter. They are 8th in the West.
I think we in ability is close than people think, but we are also a lot more mishandled than many think.