The Islanders will be in win-now mode as long as Lou is there. He has had opportunities to trade Varlamov in the past and has opted to keep both goalies. I don't see him changing direction just because Sorokin had a down year.
That said, Lou has limited cap space next year. Is he going to just fill out the bottom of the roster and try again with the same core, or is he going to look to make bigger changes? If it's the latter, whom does he move if not Sorokin? Lee? Pageau? Both players have 2 years left on their contracts, at 7 mil and 5 mil, respectively. Both are coming off poor years. Palmieri has 1 year left @ 5mil, but he had a good year, hitting 30 goals for the 1st time since 2015-16.
In recent years, Lou has made his big moves at the trade deadline and then re-signed those players. Horvat and Engvall last year. Palmieri in 2021. Pageau in 2020. The only significant moves he has made in the summer were for Martin in 2018 and Romanov in 2022.
Asset-wise, they have most of their draft picks. They are missing their 3rd and 7th this year, and their 2nd in 2026, but have all the rest to work with if they are looking to make a splash. Holmstrom showed some promise this year while Wahlstrom regressed. I don't see much to be excited about among their prospects. They haven't drafted in the 1st round since 2019 when the selected Holmstrom 23rd overall. The one promising prospect they had since then (Raty) was traded away.
Any deals Lou makes would likely include some combination of roster players and draft picks. Given his track record with the Islanders, I'm expecting him to continue to mortgage the future in an effort to win now. I can't see him rebuilding/retooling, and I can't see him standing pat. But I also can't see what moves he can possibly make to turn the Islanders into legitimate cup contenders. Whatever window they had has passed. Lou will keep dragging them into the fight, but within the next few years, the bottom is going to fall out. Lou will then ride off into the sunset of his retirement and leave all those problems for the next GM.