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Non-Intellectual Honesty - This is the phase where the core of the team is grinding its way out of their prime, youth is not supplanting the aging core, and yet the goal remains the Stanley Cup. Of course, with players that are older, probably slower, and less able to keep up with the physicality, you cannot win the Cup. But you sacrifice draft picks anyway, only to find yourself just missing the playoffs or losing in the first round. If you stay in this phase too long, your assets get harder and harder to replenish. And that's when you find yourself back at the beginning, in the Rebuilding phase. But only after you have achieved Intellectual Honesty.
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This is why we've put a hockey man in charge of overseeing the team. In the past it's looked like people in charge have looked more at the cash bottom line, their relationships with the players and their own egos to decide the future of the team.