This is exactly how I feel. They are basically failing to meet their own expectations, and really seem to be trying what 75% of the league managers try to do, which is both to be competitive in the short term and build a champion team in the long term. This very difficult and effectively requires a management team to beat the odds with above average to excellent transactions. They don't really have any real "plan" to do this, only that they will just be "better" than everyone else in how they do everything. At best, there is a ton of hubris that goes into this plan on the part of management, and at worst, they know its mostly a fools errand or longer shot but enjoy be gainfully employed in the NHL as mangers (and frankly, its kind of hard to be overly critical of this aspect).
This "just be better than everyone else" plan, is in stark contrast to your typical rebuild plan where you don't have to actually "just be better than everyone else" since, all things being equal, a team will improve over time by virtue of sacrificing present assets / competitiveness for the future.
Ultimately though, in order to be a consistent championship caliber team, you are going to need to "just be better than everyone else" no matter which avenue you chose, but the rebuild avenue gives more room for error.