I think it should be clear, that if they're going to make moves to develop and bring in the next group of new young players, then you trade your players that have value, and keep your big contract, underperforming albatrosses as there's no need to get rid of them.
OEL, Pearson (character guy Stillman?) et al, are the veteran guys who set the standard on how to prepare and play in the league. Their diminishing skillset becomes less important.
Horvat, Miller, Garland, Boeser and Kuzmenko (if he's not interested in staying with your core of Hughes and Pettersson) are traded. Demko goes if you've got any reservations about his health, and frankly, if Pettersson isn't happy with the direction, then you look at moving him and Hughes as well.
This is done in a stepped approach where you're always bringing back value and with the caps space, you utilize that to create more value in taking on contracts the better teams need to get rid of.
Use the post contract signing rush to select the guys that are hungry to prove something and let them prove their value and trade them.
Your team looks completely different after three years and you've watched a team being built from the ground up.
Mind you, this owner seems confident he knows best, so we're more likely to go the building your winning team through expensive UFA signings and trading picks for "names" who are ready to hit their paydays.
Anyway, this is nothing ground breaking as posters have been sharing these ideas for years here.