I agree. It makes a hell of a lot more sense to talk in terms of "franchise players" than "generational players."
Generational players are historic players. Next level up from "superstars." Orr. Gretzky. Lemieux. Crosby. McDavid. Maybe Lidstrom. Maybe Roy/Hasek/Brodeur.
Even guys like Sakic and Yzerman, I don't see as "generational." They were franchise players for sure, though. Lafleur is probably closer to "franchise" than generational. Price was a franchise player.
A team that finishes in the bottom of the standings, especially over 2-3 years, should be able to draft itself a franchise player. Bagging a generational player is another matter, you need a happy confluence of timing to do it.