I never really understood why people expected them to take another step forward, rather than a step back this year. They lost two significant pieces of their blueline, including half of their de facto "matchup pair". And they already had goaltending that was a bit iffy to begin with, backstopping that degraded defence.
There are plenty of good reasons for what they did. That Severson contract in particular, i don't think would've made any sense for them. Not with Hughes and Nemec also coming along and Dougie already in the fold. The Graves thing though...when you find terrific chemistry like that pairing with Marino, in a way that completely stabilizes your D Corps, i think that's worth investing a reasonable sum in. They opted not to, and as a result...they lost a lot of important minutes. Minutes that young guys aren't necessarily proving ready to step seamlessly into without missing a beat.
They've also had some injury problems, and a they seemed to willfully ignore that Meier was struggling to fit in with their team/core...and signed him to a massive deal anyway. I think that's going to continue to bite them, in that they prioritized a potentially bad fit winger over other things.
But at the end of the day...it's still a very good young core. Progress isn't always linear. Sometimes teams have to take a step back before they can actually take that next step forward. Deal with a little bit of adversity and find ways to overcome it. Can make for a better, more resilient team in the long run.