So my view is that either you are a contender and therefore just tweaking the roster to try and win the cup. It might be major tweaks like trading your star player Hubredeau for another star player Tkachuk, or it's small tweaks like adding a bit of size in your bottom six, or getting a defensive faceoff guy. Or you are in a rebuild which means you need to add permanent major pieces. Now you can add those pieces in many different ways, it's not limited to the draft, if this summer we go out and sign Bennet or Ekblad to a max 7 year deal, that would in my mind still be part of the rebuild even though it's a FA signing and not drafting a player. You can even trade prospects picks for an NHLer and still have it be a rebuild type move, Dach and Newhook being prime examples, but I'd even consider Kovalev in that group since he wasn't just a rental but an actual long term addition.
So yes more then half the teams in the NHL are rebuilding, or at least should be thinking they are still in a rebuild. But there are still distinct phases of the rebuild, we are likely out of the garage sale portion of the rebuild, so we shouldn't sell any and everything so long as we can get a good price for it. But the rebuild isn't over just because we aren't still tearing down the house.
After all if you hired a contractor to rebuild your house, you wouldn't be happy if they tore the old one down, put in a new foundation, did the framing/exterior walls but left the inside completly unfished. The house is rebuilt when the house is finished not when the most important structural portions are complete. And in this increasing strained metaphor the contenders who do have a fully rebuilt house, they are rearranging furniture to get the right aesthetics/feng shui, or maybe turning the spare bedroom into a home office type of thing. But if your still running electrical wires, putting in flooring, etc... then you are still rebuilding.
But in the end it's just made up words, the important thing is to understand what the other person is actually thinking/meaning when they say them. Which usually means ignoring our own personal definition of any given term.