Since the Cup win, the Caps haven't been a desperate team. They aren't pushing all their chips into the middle of the table as they did in the past. They spent a lot last season to get a player who would be around for a long time in Mantha. They saw him as a top-six regular for multiple seasons, which justified the cost. After making that move, they likely will not pay a similar cost this year. Their deadline haul is not likely to be on the same level.
They have a defense that is under the radar but is playing the way that the coaching staff wants them to play, and they are doing it really well to an impressive level of depth. Unexpectedly, even Kempny looks good after spending a year battling injury; he might only be their No. 8. The kids have impressed across the board too. So the defense is in better shape than it might appear from the outside looking in.
Other than that, the team has a great record, the most points in the league (48) despite missing key guys all year, and they are on pace for about 115 points. They're good. The one area where they'd probably like an upgrade is another top-six wing if Mantha can't go. Not a star, though. It might be a 20-goal guy who might only cost a third, perhaps a second rounder. Without having won a Cup with this team, the outlook might very well be different. I don't think they want to deal their first rounder for a big-time add, though. They are trying to win but also trying to replenish the farm. A lot of the core is 35+ now. The team is aging out, and the GM needs to think about the transition to the next generation in a few years' time. They do not plan to squeeze every last drop from this group and then bottom out.