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Having completed the draft and the first round of free-agent signings, it's clear that the Penguins felt a need to overhaul their roster and have done a good job in doing so.
By drafting Kasperi Kapanen, trading James Neal for Patric Hornqvist and Nick Spaling and signing Steve Downie, Blake Comeau and Marcel Goc, the Pens have gone from a top-heavy team to a more balanced one. In addition, they now have eight legitimate 20-goal threats on their roster.
On defense, the signing of Christian Ehrhoff definitely upgrades their top defensive pairings and would soften the blow if management decides to trade Paul Martin if an extension can't be worked out.
In net, Marc-Andre Fleury is still the starter (and should be) but, at 29, the Pens were smart to let him play out his contract to see if he's really turned the corner before they commit to him with a multiyear extension.
The Pens lack of depth and grit has definitely been addressed. However, there is a big lingering question as to whether the Pens have enough talent to play alongside Evgeni Malkin since he lost both of his linemates—James Neal via trade and Jussi Jokinen via free agency.
After trading Neal, Pens general manager Jim Rutherford acknowledged that he needed to get someone to play alongside Malkin, but he failed to do so thus far and, barring a trade, will not have enough cap space left with which to work.
Despite this issue, the Pens have emerged from the NHL Entry Draft and free agency as a better team on paper but, with four months until the opening game of the 2014-15 season, it remains to be seen whether they will be a better team on the ice.