I think Minnesota, Calgary and Vancouver will all battle it out for the division title. Minnesota always finds a way to do well, mainly because they are a defense first team with solid goaltending. Gaborik will be back for at least part of this year, and if he departs (they won't let him just walk away, if he doesn't sign, he'll be involved in a deadline deal) they should get someone who can at least make up for some of his scoring. With Bouchard and Burns both poised to have career years (Burns will win a Norris trophy in his career, by the way) the Wild will definitely be competing for the Division title.
 The Flames are solid as always, and if I had to pick a winner for the division, it'd be them. Kiprusof, Iginla and Phaneuf are all top tier players and the rest of the team fills out nicely.
Vancouver will always be competetive with Luongo, and Demitra will complement the scoring of the Sedin twins.
Colorado and Edmonton will battle it out for 4th/5th in the division, and will probably just miss the playoffs. Colorado is weak in goal and Sakic is getting old. Edmonton is just too young to be able to count on, but I'd say they're the wild card in the division. If the young players step up and play like vets, the Oilers could finish higher than 4th.
Sparknotes: 1. Calgary
2. Minnesota
3. Vancouver
4. Oilers
5. Colorado