what is it dynasty or bust? is that why you want tank hard?
No, it's a matter of short-term v long-term.
Torts will get the most of the large group of young players he's been handed, but he's not going to turn N Cates into a 1st line forward. But he may turn him into a solid middle six guy.
But it'll take a couple years to weed through this group and identify the keepers. No conceivable 30 year old FA is going to turn this team into a Cup contender - so you'll have committed yourself to a big contract for a player who'll be declining when the kids are ready to deliver.
So you can compete, but also make moves focused on 2-3 years from now, instead of chasing big names, use that cap room to add assets, target a RFA under 25, sign some reclamation projects and sent them to camp Torts for re-education, etc. Don't worry about winning this year, focus on asset accumulation, if you pick top ten, great, if Torts pulls off a miracle revival with the young players, great.