Pretty much any team that makes the playoffs can win the SC in the new cap era, now that some of the teams who had insane depth prior to the cap really kicking in have lost that depth.
The margins are so slim between the elite playoff teams and the lesser playoff teams that in the playoffs its not all the relevant anymore.
I expect that with any type of reasonable goaltending the Flames will make the playoffs fairly easily, especially with many of the usual better teams in the West trending downwards. Their division doesn't appear overly strong, so that should only improve their record with an easier schedule.
I expect them to have home ice advantage in the first round, and from there anything can happen if they keep healthy and get some randomness that is always required to capture the Cup.
So yes, the Flames definitely have a core capable of winning the Cup.
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