I don't think so at all. If I were them I'd have a five pronged strategy for success...
1. Select organizational philosophy similar to Anaheim, San Jose, or Boston.
2. Find coach who can play that game.
3. Build around Phaneuf, JVR, Panik, Winnik, Reilly, Clarkson, Bozak and move Kessel, Lupul (if possible), Kadri, Santorelli, Gardiner for futures.
4. Draft big centers as early as possible.
5. Buy stop gaps in UFA until centers are ready.
Estimated time to competitiveness? Five years.
Nah I disagree. The culture of that entire organisation is wrong. When Brian Burke came in it was heralded as the big thing the Leafs needed and there was going to be a rebuild. But he didn't tear the entire thing do and do it slowly. Instead, he tried to rush things, probably because he was told to do so from some rather impatient people above him, and look where the Leafs are now. They've made the playoffs just once the past 10 years. This team deserves a proper rebuild. Right from the ground up because they've been trying quick fixes and patches here and there for the last decade and it just doesn't work.