Just because they don’t put rookies in before they are ready does not mean they aren’t rebuilding. They have 6 first round picks in three drafts. They traded away all their UFAs, they just didn’t have any to trade this year except Vladar and Hanley.
They have a young core or Coronato, Wolf, Parekh, Bahl. Some good mid twenties players in Zary, Frost, Farabee, Sharongovich.
And they have a prospect pool with a ton of interesting prospects. Brustewicz, Suniev, Basha, Gridin, Mews, Stromgren, Battaglia, Honzek, Morin, etc.
The burn it to the ground rebuild hasn’t really worked for any team since Colorado. I think they will surprise a lot of people in the next few years.