There's a difference between progress and reaching long-term goals.
They've developed some young starters this season, Frost, Tippett, Cates, York, Allison (if he stays healthy), TK has raised his game, Farabee has struggled but that's to be expected coming off neck surgery, but he still scores at a top 6 rate.
JVR and Hayes have solidified their value as trade bait, same with Provorov paired with York.
The team is playing with structure, they're more cohesive, they're mentally resiliant. A much better environment to develop young players.
That's a start, hopefully 3-4 more young players will break into the starting lineup next season, they'll pick up some assets in trades and they'll gradually become younger, faster and more competitive.
No GM will come in and tank this team, this is not a total disaster area. And they don't have 4-5 expiring veteran contracts you can easily flip for assets.
What any competent GM would do is keep accumulating assets and moving out some of the veteran contracts over the next two seasons. He'd focus on adding a young playmaking center and top four RHD, and keep building young depth. He would patch with one and two year deals that wouldn't saddle the team with long-term commitments to older players.