Overrated because they rode a hot goalie to the cup finals last year, they're a good team and are extremely safe bets to make the playoffs, but I think they're pretty clearly below teams like Anaheim, St. Louis and Edmonton in the West. I think they're right around on par with Minnesota or Calgary.
IMO Rinne's playoff run was a bit overhyped. He had an amazing run against the Hawks, but other than that i thought he was just his normal self. He had bad games, average games and good games.
Blues PP didn't click and they struggled to create grade A's in the o-zone, Ducks averaged 2.5 goals per game but ultimately got screwed by Gibson injury and Bernier crapping the bed, and we all know what happened vs the Pens.
I think what makes the Preds extremely dangerous is how good they are on home ice. I mean they went 3/3 vs the Sharks at home in 2016 as well, and the Sharks won road games against every other team they played in the playoffs.
Of course they had a hot run which is tough to repeat 2 years in a row, but i think they're on par with every team in the West. Subban-Josi-Ekholm-Ellis-Emelin is the best 1-5 d-core you can find, and while they lost Neal and Fisher, Bonino and Hartnell can replace a lot of the things those two guys brought last season, and guys like Fiala and Aberg are expected to take a next step. Wilson is out, but you have to expect Craig Smith have a better year as well as he had one of his worst seasons to date.
I think it's fair to say it's tough to know what to expect from them in the regular season, as they tend to play better when the stakes are higher, and they are traditionally not a great road team. But to me that makes them more dangerous as they're more likely to enter the playoffs on a high note than peaking early, if they get there (i guess missing is always possible, especially seeing how tight West is going to be).
Overall im impressed by their depth in the organization right now, and it's miles better than it's been before. Their #1 line is still there, the defense is still there, and Rinne still feels fresh. And while they don't have the same amount of stars up front like some other teams do, the offensive potential from their back-end is through the roof, and that decided a lot of games last post-season.
I agree they aren't above anyone in the West though, but i also don't see them being clearly below anyone.