Yes they are rebuilding.
I think some of the uncertainty is from the holding pattern that was last season. Last season we were in an awkward position of being close to making the playoffs. Management didn't want to submarine our playoff chances by moving vets. A gamble that didn't pay off IMO.
If the Flames were in the same place they are in the standings now they would have made more moves. But because we are rebuilding they didn't make any trades to try and make the playoffs last season.
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