Pretty much this. Gretzky definitely took a step back after '93, but the team crumbled after that as well. We traded Robitaille in '94 for Tocchet (I remember being absolutely livid about the deal at the time) and the Fuhr trade was absolutely brain dead as he was now well past his prime and out of shape. We played Storr way too early and then had to rely on Fuhr to backup Hrudey, which was ridiculous.
Gretzky really had nothing to work with after that, Melrose was trash and the rest of the team floundered. The roster was atrocious, we dealt Rychel, Donnelly, Huddy, and Zhitnik, and after Gretzky and Tocchet we had players like Dan Quinn, Kurri, Granato, Sydor, and McSorely relied upon for secondary scoring. It was just a disaster. Brain dead management and a fixation on becoming the LA Oilers.