I believe that the season is probably going to be lost if Patches is out for an extended period. He was the only guy on the team playing with confidence. Without him, there's every reason to think the losing streak will continue until whenever Markov/Campoli come back and the veterans find their games. This being said, at that point we will be a good team; it's just likely to be too little, too late.
I don't really subscribe to the 'blow it up' model. When Gainey reconstructed the team in 2009, I suggested this edition was a rebuild in disguise: a collection of signings who would allow us to be competitive while the next generation of young players were brought along. The team performed well enough that I came to think we could contend with this core. (I still think that in principle, but damn, it ain't happening so far). Nevertheless, if you look at what's going on with this team, we see a TON of young players emerging from within this framework:
-Subban (projects to be an elite, #1 defenceman);
-Price (projects to be a top-5 NHL goalie);
-Pacioretty (projects to be a top-line power forward);
-Eller (#1A centreman);
-White (solid third-liner);
-Desharnais (likely a marginal player, but some potential as secondary playmaker);
-Weber (#4-5 defenceman, secondary PP quarterback);
-Diaz (hard to say...potential top-4 I'd speculate; see Weber above);
-Emelin (potential primary or secondary shutdown defenceman).
There are also a number of players whose primes can be expected to last for another 3-5 years, such as Plekanec (#1A centreman), Cammalleri (top-3 scoring winger), Gorges (#5 defenceman) and (if he stays) Kostitsyn (prototypical second-line winger).
The absence of Ryan McDonagh from this list is agonizingly painful, I'll admit. Nevertheless, there is a pretty decent emerging core here. If you can get Gomer Pyle off the books, we'll be in a position to supplement this core with an elite player, or with two 'quite good' NHLers.
So contrary to the 'tankers' and those who say the fundamentals of this organization are rotten, I think the fundamentals are actually pretty good. Gauthier made the fatal mistake this season of not re-signing Hammer, but other than that his decisions have been mostly solid and good young talent is there. The key will be to add to the emerging nucleus rather than subtract from it, in response to this short-term crisis. What we do over the next few weeks could have ramifications for the future.