I didn't want to derail other threads where the discussion inevitably comes up.
In my opinion, he should be given one more year to demonstrate that he can improve the team significantly ("significantly" being in the eye of the beholder). Aside from the MacLean era, which I will always consider an anomaly, the fundamentals were fairly sound. Even if the performance wasn't the most exciting thing in the world, they did enough where playoff berths in 12-13 and 13-14 were realistic enough but for certain things going wrong. In the lockout season, there's a good chance they would have made the playoffs if Kovalchuk didn't get hurt. Last year, it was the shootout (which is not something a GM has much control over, or if he does, it's not something towards which he should be devoting time, resources and energy specifically) and Marty getting too many games, although the team lucked out on the latter part in that he got enough goal support that it wasn't a disaster.
However, I can't recall a Devils' team that got outplayed on an every night basis as much as this one, and it's difficult to see what he can do to change that. I don't think the game has "passed him by." It's clear that he realizes what the problems are. He's just probably too old, and perhaps too attached to certain players that if a real rebuild needs to happen, better it be with someone else. If he's still got the "special sauce" this is the time to use it.
Next year isn't the worst time to hit rock bottom, or be close to it anyway. While not McDavid and Eichel, there is a good amount of buzz surrounding the top 3 or 4 projected picks.