I don't think it's gonna be nearly as bad as the sky-is-falling nonsense I hear from some places.
There's two possibilities here, in my eyes:
a. Stevie wants a comparable return for Larkin. No blowing it up, no selling assets, no crap like that. He wants a hockey trade, and he will out-wait Larkin until he gets it.
b. Stevie takes a hard look at the roster and decides to tear it all down. Everyone must go, sell Ed, Finnie, ASP, find Faulk a good landing spot, and just build around Ray and Mo.
Knowing Yzerman, he's aiming for option A. I see option B as only happening if all else fails.