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CRANBERRY, Pa. — Kyle Dubas understands expectations for the Pittsburgh Penguins have lowered.

“We aren’t favored by anybody to accomplish anything,” the Penguins president of hockey operations and general manager said on Monday. “That’s not to build a narrative. That’s just a simple fact. We’ve missed the playoffs the last two seasons here (after making it the previous 16). As a result, I think that sets the external expectation for the season.

“But I think that everyone in the building knows that the season is going to be hard. We don’t come in with any preconceived notions any more that we’re going to walk in and be a favorite or we’re going to walk in and strike fear into anybody.”

And what about if the Penguins fail to qualify for the playoffs for the third straight season?

“It will lead to a story that will slowly draw this era of the Penguins to a close,” Dubas said.

But that story isn’t complete yet.

Instead, the next chapter is set to begin on Wednesday, when Pittsburgh opens the regular season against the New York Rangers at PPG Paints Arena (7:30 p.m. ET; TNT, MAX).

“This chapter represents our chance to change the story,” Dubas said.

By design, the Penguins still revolve around their core of centers Sidney Crosby and Evgeni Malkin, and defenseman Kris Letang. Defenseman Erik Karlsson, who is entering his second season with Pittsburgh, is also now considered a member of that core.

As such, Dubas said it would be “foolish” to go into a full rebuild with those four.

Crosby led the Penguins last season in goals (42), assists (52) and points (94). Malkin was second with 67 points (27 goals, 40 assists), Karlsson was tied for third with Bryan Rust with 56 points (11 goals, 45 assists), and Letang was sixth with 51 points (10 goals, 41 assists).

Instead, the goal is to surround those veterans with some youth.

That started on March 7, when Pittsburgh traded forward Jake Guentzel and defenseman Ty Smith to the Carolina Hurricanes. Along with 29-year-old forward Michael Bunting, the Penguins received forward prospects Vasily Ponomarev, Ville Koivunen and Cruz Lucius, and a second-round pick in the 2024 NHL Draft, which they used to select defenseman Harrison Brunicke.

Pittsburgh also traded Brayden Yager to the Winnipeg Jets for fellow forward prospect Rutger McGroarty on Aug. 22. On Monday, the Penguins announced that McGroarty, 20, had made the opening night roster.

“I think that those guys (Crosby, Malkin, Letang, Karlsson) provide such a great example for those young players,” Dubas said. “Here, we have those players here. I’ve learned in the past how important it is to have those guys.”

At the same time, though, Dubas knows that Crosby, Malkin, Letang and others won’t be around forever and that it’s necessary to start building for what’s to come after they’re gone.

Malkin is 38 years old. Crosby, who signed a two-year, $17.4 million contract with the Penguins on Sept. 16, is 37. So is Letang. Karlsson is 34.

Those four have said they still intend to compete. However, what designates a positive season in Pittsburgh might not be as simple as before.

“We could have a great season where tons of our players develop, we have injuries, different things happen, and I would define it as a success if we’re taking steps in the right direction,” Dubas said. “I believe we can make it a successful season and be a playoff team as well.”