I'm not quite sure if I'm ready to accept a full rebuild but, if I were, I could make the argument.
Demko is 29! That seemed to happen overnight. Miller soon to be 32.
The only player I would hold on to for sure is Hughes.
Possibly hold on to Pettersson unless they can get a serious return for him.
Everyone else should be actively on the block. That includes Garland simply because he could likely fetch a decent return: Miller, Boeser, Garland, Joshua (only because he's already 28), Demko, Debrusk, and Hronek. For these players they should be able to get decent prospects + picks. Get what they can for Hoglander and Soucy.
The goal would be to emerge in 2.5 years for the 27/28 season with Hughes signed long term (hopefully he sees enough progress to sign but it is a risk). Pettersson will still be in his prime with term on his contract. All other contracts would have been dumped or have expired by then. OELs 2 highest buyout years will be behind them. Willander and Lekkerimaki will have had 2+ years to develop.
Worry not about winning for this and the next two seasons, achieving 3 top 10 picks, and operating well below the cap. Acquire as many prospects and picks during this period.
With ample cap space they would then be buyers in free agnecy in the summer of 27.
Easy peasy.