Healthy? I'm not convinced. I would not make us the favorites even if we somehow went on a tear and finished with the best record again but I wouldn't expect a repeat of last postseason either. If CP3 and squad are fully healthy though (which was clearly not the case last season), I'd expect at least an appearance in the Conference finals unless we somehow drew Memphis earlier or a rejuvenated Warriors team.
But yeah, if you're just saying anything less than a championship is "an early playoff exit", I don't see a way around that unless we benefit from some key absences elsewhere. I'm disappointed that we won't be going all out to try and win it all while Chris is still a major factor but IMO that writing was apparent once the Sarver investigation went public.
I've reconciled myself to the high probablility that this season will not see us hosting the O'Brien trophy and the possibility that this is CP3's last year with us. Hopefully, with a new owner in place, over the next few years we'll be able to use CP3's cap space and our draft picks to find a new core to build around Booker and Bridges that has a real chance to compete for a championship. To make it happen though, we need a savvy owner that gets us back in the scouting game and adds a developmental program capable of turning mid to late round picks into real players.