Is the tear down complete? I'd say no.
Is this rock bottom? I'd say yes.
You can only tear down so much, and since we have a few bad years ahead of us they can deal with Lupul, Bozak, JVR, Kadri, Bernier for now. Each of those players are serviceable but certainly not likely part of the long term plan. Management will still want to remove these players so they can feel that they have all of their own players in place.
Kadri & JVR stand the best chance, but even after this many years it's really hard to gauge how important a piece Kadri really is. IMO he's at best a 2nd line center, but if he's the best we end up with for a #2 center than I fear the chances of a championship caliber team are limited. JVR would be an excellent piece on a contending team, but his trade value is more valuable than he is to this current roster. By the time we've turned the corner his value to the Leafs will be minimal.
I suspect the Leafs will only offer Kadri a short term deal and if so that will speak volumes to his long term future with the club. This year was a golden opportunity for him to stake a claim and he'll be lucky to get 15-20 goals. I know he doesn't have support, but I think most observers would prefer to see more out of him. When you're on this bad of a team, and you have the talent he has you should at least be able to stand apart from the rest and honestly that hasn't been the case.
The draft and July 1st cannot come fast enough.