Before playing the Minnesota Wild on Wednesday, the Flames (25-27-3) were sixth in the Pacific Division, 12 points behind the third-place San Jose Sharks. Calgary trailed the Colorado Avalanche by nine points for the second wild card from the West.
"We came in with great expectations and our team has underperformed," Treliving said. "It's a microcosm of the game. This league is so difficult, and it's cliché to say it, but you can't chase in this league. Our team last year, there was a time when we lost eight in a row -- seven in regulation -- but we were able to hang around it.
"We fell behind early, had a good December, fell back in January, and we're scratching and crawling for every point right now. As frustrating and as disappointing as our position is right now, we now have good young players here and we know that there are moves and changes here as we move forward. You'd like to click your heels and have it all happen at one time, but that's not reality. We're going to continue to build this and build it the right way. As we sit here today, we expected to be in a better position standings-wise. So we're going to continue to work to change that."
The Flames are 25th in the NHL and lost starting goaltender Karri Ramo, who Treliving said would miss the remainder of the season with a torn ACL and meniscus damage in his left knee.
After Thursday, five games remain before the trade deadline.
"You always want to help your team, but your team gives you a bit of direction on where you go," Treliving said. "That being said, our plan and our vision here has and will be the long-term view, so I don't necessarily believe that we're in a position to be sending out young players, prospects, future assets for something short-term.
"But you're always taking a key off of your team in terms of where you sit in the standings. They give you a good indication of where you should go at the deadline."
Forwards Jiri Hudler and David Jones, and defenseman Kris Russell are among the Flames believed to be available.