I think the Penguins have three pathes.
# 1. Tear Down Rebuild: I don't think they can do this because they are unwilling (rightfully so) and do not have the ability to move on from Sid, Malkin and Letang. This is what I view as the "Rangers" model.
# 2. Accumulate and Wait: This is what I believe Dubas is doing because of the above. He's waiting out Sid, Malkin and Letang's contracts and accumulating picks and prospects so that he can hopefully make a quick rebuild once Sid retires. This what I view as the "Kings" model.
# 3. Try and Compete: This is what I would be doing. This doesn't necessarily mean you are trading 1sts ever year, but it also means you aren't taking on absolutely worthless players like Hayes for picks. You're building a culture where the focus is on winning and if you aren't able to do it, you blow up pieces of the team as you can. This season it would've meant moving out Rakell for futures that you can then reallocate into pieces to win. This is what I view as the "Washington" model.