Has Ozzie lost his touch? I don't think so. As seen this past season with Dumervil, and even J. Reid, and M. Oher, most performance depends on how one fits into a team's system; who plays beside (with) him; and whether he is being (successfully) coached and used to his strengths.
On drafting: Moving up or down the draft board is a gamble too, as no one can predict how talent will translate from college to a particular team (I used the words "particular team" because a young player can fail with one team but succeed with another). In some cases, the team where a drafted player lands has some to do with the amount of success, or not.
On FAs: Not having cap space mostly controls (affects) this area and the personnel the team gets. But looking at the team secondary problems early on, we see an adjustment in player position was needed before success was found later, which leads back to the sentence on Dumervil, Reid and Oher.
On hits and misses: It's going to happen! In my opinion the team hit on the selection at GM, assistant GM, Coach, and many players. Oh, and the owner too. I will never expect them to no make mistakes, it happens.