The Penguins are a championship contending team because they are a team. Their defensive depth is strong enough to rally. They can spread Letang's minutes around the way they have been doing for the past 23 games, going 13-7-3 without him, mind you.
You could argue that the Columbus Blue Jackets or Washington Capitals are better than the Penguins without Letang, but neither has shown the ability to win in the playoffs like the Penguins have.
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Yes they've had Letang, but one player doesn't define them. They're better than that and they deserve some credit.
Fast forward to the Stanley Cup Final and, assuming the favorite out of the Western Conference, the Chicago Blackhawks, make it through, the narrative will be they're better than Pittsburgh with or without Letang.
In fact the Penguins depth players are more experienced than Chicago's and likely would be able to handle the playoff grind better. That might be the deciding factor in a Pittsburgh-Chicago Cup Final.
You could argue the Penguins won't repeat because they aren't healthy. In fact, they figure they will have every one of their regulars except Letang return either for Game 1 or shortly after, which means they should have the same level of depth, speed and skill that carried them to the championship last season.
You could argue exhaustion will catch up to the Penguins, as it does to so many teams who try to repeat, but considering many of their top players, including Evgeni Malkin and Olli Maatta, missed time in the last quarter of the regular season, that argument might not hold water. The Penguins should be fresh.