I don't think Trotz ever approached this as a binary rebuild/compete question. He's sought to overhaul the roster, which is partially done but still very much a work in progress, and he let the on-ice results dictate some of his moves here at the deadline. He ditched an expiring that wasn't going to re-sign and brought in some other expiring guys for cheap. Didn't sink major future assets at all, the kids are still cooking and in play, and he has flexibility moving forward.
We're also still a decidedly 4th best team in the division, and a fair cut from the top 3 teams, so I think anything more than a first round bounce is unrealistic.