Pretty much this.
Also it seems that Yzerman sees this "building just better" -vision as a better long-term plan than any kind of tanking. Other people desperately think, that we have to get an Elite center through tanking and don't have any other idea for that solution to be fixed.
But there's many. There's the trade route. Yzerman is just superior on trades. Even Jim Nill was able to trade for Seguin -those scenarios will happen. You don't get 1C from UFA, but trades happen all the time, thanks to tight cap situations, or players just wanting to move (O'Reilly). It doesn't have to be Shane Wright, Lambert or Conor Bedard to save the day. It still could be, we will have small chances for also them even though building for success, but we will not tank for those.
We'll build just good hockey product, which will start winning and becoming a playoff team without that Elite guy. Cap can be used smarter for another positions. You have talented and expensive centers, you lose on some other spots. You can build on those other spots.
But some day, some team, somewhere, is at cap problems with their own Center, and Yzerman goes and pulls the trade, because he has the healthiest cap structure on whole NHL at that point.
He is creating the most ideal situation for a big fish to be catched. And then we just wait for the big fish - and catch it.