Last year was just a folley. With the talent level they had on that team, they should have at least cracked a playoff spot... especially being in the East. If they can land a superstar, I wouldn't go as far as to say it'll make them contenders, but they will be able to pull off upsets against the higher ranked teams in the East.
You don't need championship rings to do pretty well as an owner. You just have to sell tickets and make a profit.