There is no rebuild.
Pelech and Pulock have full NTC for the next 3-4 seasons. BTW, they are both 28.
Isles are NOT trading Dobson or Sorokin that would be Gluckstern & Millstein type scorch the earth type BS.
Barzal will be resigned.
Lee will retire an Islander (his contract certainly helps).
The Isles just spent 13 OA pick for Romanov and is signed to a very good contract for the next 3 years.
That is the core. Superstar goalie, 25 year old C, a balanced top4 under 28, and your Captain.
IF the team is clearly out of the playoffs, then...
Expiring contracts should be the first out the door!
Mayfield - get back a '23 late 1st rounder
Varlamov - get back good pieces - multiple picks and/or maybe a solid prospect and pick.
Parise - mid round pick
Next -
Clutterbuck @ 1.75 for one more season for a playoff team -
NOT moving - unfortunately
Palmieri - full NTC
Bailey - contract - might be possible in the offseason.
Conditional -
Beauvillier - if Beau does NOT find consistency then Lou should see what his market is, because he may yield a higher return come TDL and it moves 4 m off the cap, creating more space for possibly a free agent 23 offseason.
Staying -
Wahlstrom - young player, who I expect takes another step. If he has more growing pains this coming season - play the long game with him and stick with him for another season.
Bellows - waiver fodder or keep him in case you go for a rebuild (see below).
Cizikas and Martin - identity they don't cost much and their return would be minimal.
And this maybe enough to address futures and make this team competitive in 23-24.
REBUILD would mean - the next step - gutting your C depth.
Maybe -
Pageau
Nelson
*One or both of these moves would signal that the Isles will also NOT be a competitive team in 23-24 even if Raty looks close. Nelson definitely adds another 1st and possibly another piece. Pageau could also give you a nice return - more likely picks in '24. Trading both players would not be wise since you are putting Barzal and possibly Raty in a difficult position to carry the team.