2003 Washington Capitals

The road to failure is often marked by one well-intentioned fatal decision. For the Capitals, that mis-step could very well be the July 2001 decision to sign Jaromir Jagr from the cash-strapped Penguins and give him a seven-year, $77-million deal. For the team's management dreams of sugarplum goals and visions of MCI Center (since 2006, Verizon Center) seats with butts in 'em, and even spoke of a "three-year plan" to win the much sought after Stanley Cup.

Last year's ignominious loss to the Tampa Bay Lightning in the first round of the playoffs signaled no clear schedule for these pipe dreams of success. After chucking plenty of coin into his franchise the last two years with little return, majority owner Ted Leonsis put an end to the gravy train and has almost sent the team into rebuilding mode. The only problem is, the team's most expensive piece of property, Jagr and his $11 million pricetag, remains on the roster despite attempts to move him. It's no surprise that America Online whiz Leonsis closed his purse. For a yearly outlay of millions of dollars, one would -- nay, should -- expect something more than inconsistent hockey and empty seats, but this understandable action will also freeze the team with its mediocre roster.

Jagr, Peter Bondra, and Robert Lang help form a very solid nucleus of forwards, and goalie Olaf Kolzig is golden so long as he is healthy. The defense, however, is an altogether different story. Last year, the Caps watched Calle Johansson and Ken Klee walk away -- retirement and free agency, respectively -- and made no move to replace them. As a result, Washington are left with only two blueliners with more than a year's worth of NHL experience -- Sergei Gonchar and Brendan Witt. And then there is injury plagued Kolzig, the last line of a patchwork defense.

Maybe too late, the Capitals seem to have figured out that while there is no substitute for money, there is also no substitute for old-fashioned drafting and development. The cutbacks are being carried out with no more logic or foresight than the spending spree was.

Who ever said that payback was easy?