Yes, it is a fair judgement on our list. In fact, as MT has stated on numerous occasions, 2013-14 is a fairer judgement on our list, because while we might pinch a finals series while most of Bowden, Richo, Simmo and Brown are still playing, the current gap with our 23-27 year olds stops us from speculating on a flag for 2011. We can't really make a judgement on Wallace's era until the current crop of youngsters hit their peak in their mid 20's which is still a few years away yet.
Saved me from typing that all out DC
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The 2011 comment is all about having by then a new strong core with the necessary game experience that has come through together as Gracie has illustrated. By then we should have sorted out who will and won't make it from our current large U23 crop.
As Ramps has said in the past you really need two waves. One to build the core and the another to finish off the job of developing a strong list with depth and no age gaps. 2004 was the second wave for Hawthorn as they already had a young group coming through but it was the first wave for us. By the start of 2011 we should have another two mostly untampered drafts worth of kids to add to our current list plus another draft's worth which really starts in the second round for existing clubs unless you finish bottom 4. The recruiters still need to do their part.
We could dip down for a year or two around 2011 after the oldies retire within the next 2 years so even if Wallace survives next year that could cost him his job in the end.
We are probably on schedule (barring no career ending injuries to our best cubs - touchwood) but there's still a long way to go. We'll only jump ahead of schedule if more existing cubs have breakout years sooner than expected and a number of the kids in the upcoming drafts are quick developers/ready-made freaks like Cotch. Otherwise it's a 2013-14 timeline.
As for the Pies - 1 flag in 50 years. What's the (on-field) point of making finals only to just make up the numbers. They also only had to play 4 of the eventual finalists in the first 12 rounds (of which 10 were at the 'G) and came home with a average 5-6 record. Nice draw if you can get it when you can add only travelling 4 times.