Rebuilds never follow a specific timeline.
Just look at the Blackhawks. They took off after their owner passed away and his son took over.
Rebuilds have a fairly specific timeline tho. GMs get replaced by year 4 if a rebuild hasn't produced results; the new GM is the start of a new re-build. So looking at the Hawks, the Tallon rebuild was 05-09, went from last place to conference finals in 3 years. Bowman took over after the rebuild succeeded. Pulford and Smith years aren't part of the same rebuild even with the Duncan Kieth selection.
Tallon rebuilt rebuilt the Panthers and got them in the playoffs within 4 seasons. Panthers probably had 3 failed rebuilds since 2000 before Tallon, that doesn't mean it was a 14 year rebuild. They aren't cumulative, starts with a GM and a tank coach, then a real coach & then success by year 4 or a new GM is brought in.
Can look at the the Islanders a little different, Snow was GM when they made playoffs in 07. He orchestrated the tank, began rebuilding with Bailey and Tavares and made the playoffs in Capuano's 3rd season.
Murray just participated in his 4th trade deadline as GM, coming up on his 4th draft. He was able to use compliance buy-outs on Leino & Ehrhoff so cap wasn't a concern. Miller & Moulson were the only other high salaries (UFA's too) he inherited. Bylsma & Jack will be entering their 3rd seasons. Realistically, he should be concerned about getting over the playoff hump instead Murray is still trying to get out of the basement.
*As negative as I made that sound, this team could be one player away and that player could easily be Guhle. Had Guhle been kept after camp, most complaints about Murray's trading of D prospects stop.