Looking at this offseason so far I believe that what is taking place is a rebuild without blowing up the roster.
Lillard (2nd year)
Out of the 12 players on our current roster 8 out of 12 are 1st or second year players. 11 out of 12 have less than years years of experience in the NBA. Now if that does not describe a 'rebuilding' team I'm not sure what does. What is impressive though, is as I have mentioned this rebuild has occurred without blowing the team up like say the Celtics. I think looking down the road in 3 years or so we will be happy with how management was able to rebuild while still maintaining a competitive roster.