As frustrating as it is the Avs are doing the right thing by not overpaying for what is at this point a pretty lackluster crop of free agents. I do think a depth forward with some grit would be a nice addition (I'm surprised Raffi Torres hasn't been signed by anyone yet) and while a Top 4 defenseman is an obvious need there really isn't a free agent left that I'd want.
Better to wait it out and see how other teams react to their cap situations and see what they have in their respective camps and pre-seasons. Come high time and/or this year's deadline and into next summer the Avs will have arguably the most enviable amount of cap space + young prospects of just about any team out there.
I think Avs would have benefited from adding a solid defenseman this summer, as far as making the playoffs this year is concerned. But seeing what Michalek, Martin and so on cost and what we would have had to pay to get them to come to Denver, I can't blame Avs for not getting involved.
I don't really like taking the risk of taking a step back this season, but that is the route Avs are taking. It will be interesting to see how the young defenders do. The Avs player development staff of course knows infinitely more about them than I do, so perhaps they are as ready as Duchene, O'Reilly and Galiardi was last year. At least I hope so.