They are, unfortunately, going to go into "rebuilding years" mode for a couple of years. Now, some teams go into permanent "rebuilding years" mode, like Cincinnati.
It's pretty sad. For veterans, it's going to suck unless their contract is up and they can get traded. For rookies, it's a chance for them to get in on a rebuilding team and put some personal stats in even though the team may be losing games. Then, they can get traded to a better team hopefully.