We have to remember, Fletcher 2, JFJ, and likely even Quinn were restricted in what the board (Peddie and gang) was allowing them to do. Especially under JFJ - I am not defending him at all, but that was the middle of the era where ownership wanted a run at a playoff spot no matter what - a rebuild was out of the question. Also, as mentioned already - players with NMC don't have to do the team a favour and waive - they both agreed to those terms.
I can't believe it took so long for ownership to agree to do it right - the whole scorched earth approach. It's not easy to build a winner, but it seems like they are doing it right finally after 40+ years.
Look at the Red Wings as an example, until Illitch took over they were almost a guarantee to be a basement team.