If your second line wingers are a mix of Lysell, Khusnutdinov, Lettieri and Koepke you know you are in trouble. It would take hardcore NHL fans to identify those names.
The asset turn-over finally hit the ice berg and the Titanic is sinking. Moving forward, it's going to be important to look at talent accumulation via good draft picks. Developing talented kids, some hopefully on cost-effective ELCs, complemented by good mix of veterans is going to be the key to get back into the play offs eventually.
I am not a fan of restructuring solely via Free Agents or by taking a risk on a reclamation project player. These hardly ever work out and that's how you end up with an expensive roster that devolves into a never ending rotation of guys in and out. It ends up being a ship without anyone steering it.
Draft the right players, reform yourself an identity and be disciplined building on that direction.