Daryl Katz’s "open letter" to fans of the Edmonton Oilers today has already drawn plenty of reaction from those it was directed at. Fans at the cynical end of the spectrum have dismissed it as a stinking sack of spin meant to buy time and defend the friends he employs.

Others, less jaded by what will officially be eight straight years out of the playoffs April 12, have taken the letter by the reclusive and media-shy Katz as a token of good faith, an olive branch meant to convey that he’s just as frustrated as the ticket-buying public — fans who, officially at least, have sold out Rexall Place for more than 300 straight games.

There are, as you’d expect, many camps of fans and degrees of cynicism and/or believers within those two absolutes, as a quick listen to the radio call-in shows or a scan of fan websites like this one confirm.

I can’t pretend to know what motivated Katz to write the letter, or have one of his underlings pen it for him. I’d be guessing. There are, though, several passages that grabbed my attention and I’d like to offer my take on them.

"I know this will almost certainly be the eighth consecutive year since we made the playoffs. I hate that fact as much as anyone, but the reality is that this is only year four of the rebuild that started when we drafted Taylor Hall."

Nobody becomes a billionaire without remarkable work ethic, drive to succeed and a competitive streak, so I don’t doubt that Katz hates seeing his team flounder ineptly at or near the bottom of the standings yet again, but the "we’re in this together" suggestion seems a bit contrived.

Even taking that at face value, it’s probably fair to point out that while Katz has "hated" missing the playoffs, the value of the team he bought from the EIG has roughly doubled in value, to about $400 million. Fans, meanwhile, have dug deep for tickets, parking, fast food and souvenirs during the same span. While fans pay handsomely to cheer for a bottom-feeder, the Oilers, as a business venture, have been a financial home run for Katz.

There is, as well, a new downtown arena on the way.

"The good news, if you can call it that, is that other teams that committed to fundamental rebuilds went through the same kind of droughts over the same kind of time frames, or longer. That doesn’t make it fun for anyone; it just means we have to stay the course."

Not necessarily. The course the Oilers are on, as it stands today, could see the team finish with fewer points than in any of the previous three seasons of the official rebuild (pro-rating points from the shortened 2012-13 campaign).

In 2009-10, the Oilers had 27 wins and 62 points. In 2010-11 it was 25 wins and 62 points, for a second straight 30th-place finish. In 2011-12 the Oilers had 32 wins and 74 points. Last season, they had 19 wins and 45 points (in 48 games). As of today, the Oilers are 15-30-6 for 36 points.

You stay the course if the course plotted produces tangible progress. If not, you re-assess. Citing rebuilds, time-frames and droughts by other teams? Some, like Chicago, endured many leans years and provided fans with a pay-off. Others, to paraphrase Jay Feaster, wandered the desert with no long-term gain for repeated seasons of short-term pain.

"I hear a lot from fans about accountability, so let’s be clear. We are all accountable. That includes me, Kevin, Craig, Dallas, every player who wears our jersey, and every member of our staff. I know Kevin is the target of a lot of personal attacks right now, and that’s really unfortunate."

As I wrote the other day, it seems to me accountability falls on the shoulders of some in hockey operations more heavily than it does on others. There are two groups, split into former Oiler players and Friends of Katz – FOK, if you will – and those who never wore the jersey during the glory days of five Stanley Cups.

Since the Cup final of 2006, now-GM Craig MacTavish was relieved of his duties as head coach, then brought back under outsider Steve Tambellini before being named his successor. Assistant coach Charlie Huddy, purged when MacTavish was "relieved," has moved on.

The coaching carousel – head men, assistants and others – has seen Ralph Krueger, Tom Renney, Pat Quinn, Rob Daum, Billy Moores, Pete Peeters and Brian Ross (video) come and go (Ross and Moores have been retained in the organization in other positions). None are former Oiler players.

Kelly Buchberger stayed on after MacTavish was let go and has been an assistant under Krueger, Renney, Quinn and now Dallas Eakins. Smith has been behind the bench since the start of the 2010-11 season. Both were kept on for the arrival of Eakins, who filled the associate’s spot with Keith Acton, another former Oiler player.

Kevin Lowe, the lightning rod in the accountability debate, was GM from 2000-2008, then was moved to president of hockey operations by Katz. He’s been the one constant at or near the top of the management team since 2000.

As for what Katz referred to as "personal attacks" on Lowe, I’d suggest there’s nothing personal about it. Lowe served this franchise long and well as a player. His tenure as a manager has been far less successful. His record speaks for itself and is the basis of the criticism levelled his way.

"Kevin is a big part of our organization, and it’s not just the Oilers that value his knowledge and perspective. He is consistently chosen, year after year, to play a leadership role with Hockey Canada. But when it comes down to it, this is Craig MacTavish’s team. He is the GM. He makes the calls, and he is accountable for building a team that can compete for the Stanley Cup — year in and year out for years to come."

Like Lowe, Tambellini, Renney and Quinn, all fired by the Oilers, have had long tenures with Hockey Canada. Krueger, long the coach of Switzerland’s national team, is now a special advisor to Hockey Canada’s coaching staff for the Sochi Olympics. So, the relevant connection is . . ?

As for the emphasis this is MacTavish’s team, I don’t doubt that’s true as far as day-to-day operations and decisions go, but there is no denying Lowe still plays a part and has a say in the decision-making process.

That’s an unprecedented run at or near the top of a management group for a team that’s had as little success as the Oilers have since 2000, no matter how Katz chooses to frame it.