If you browse different sources of 2023 Stanley Cup odds, you’ll find a limited range of implied percentages for the Rangers. Generic Vegas odds and Inpredictable have them just inside the top 10 with 16-1 odds (~5.9%). Hockey-Reference, which uses some simplified modeling, puts them at 3.9%. Public models, such as MoneyPuck or TheAthletic’s GameScore-based model that rely more heavily on shot-location based data, put them below 2%. The Rangers are fine, at least per these models.
Overall, for anyone watching most NYR games this year, it’s hard to argue this feels overtly wrong – especially given their start to the season and then how it progressed from there (a slide back, with the goaltending coming to the rescue).