For what it may be worth....
Your earlier post in another thread was exactly correct. The Ottawa Senators started the '32-'33 with no players at all. In all, they
- July 1st, - Acquired aging defender for 2nd round draft pick
- August 31st - Signed their other three draft picks
- September 1st - Acquired a young forward with mid-level potential
- October 27th - Signed 14 FA's to play their first pre-season game
- November 3rd - Obtain a young center from Chicago for 4th round pick (avoiding waivers)
So, it definitely appears that you are correct. It really waited until the players were needed before filling the roster. But, as you also mentioned, the available FA's are pretty slim pickings - as the other AI teams didn't sign anybody either.
Ottawa's team looks pretty hopeless. However, I'm not sure they could have done much better if signing any players in July
On the other hand, Ottawa did pick up 7 players from waivers before the season started. Helps a little bit, I suppose.