This doesn't really account for the 'misses' - may look at that later.
Going back to 2000; within each group below is chronological order:
There are probably ~15 drafts in this span we can confidently gauge (beyond 2015 there are still wildcards):
6 top third of the roster players. I wouldn't be at all surprised if that is bottom 3 (or worse) in the league.
6-12 solid role players/backup goalies/decent players who went un-signed...interestingly no D aside from maybe Kulak.
5-8 guys who had brief/limited, but notable time in the league.
So ya, that's just pretty bad. There's room for hope from the 2015-17 and more recent groups, but I wonder if we're just conditioned to have insanely low expectations for developing homegrown talent?
If I asked a trivia question like who are the best 3 defencemen drafted by the Flames in the 15 years after Y2K (or even back to 1996), I don't know that I would have expected a toss-up between Kulak/Pardy/Kurtis Foster for the 3rd slot.