I keep hearing they need to rebuild their squad but their old players are still clearly their best players. Modric, Ramos, Benzema, Carvajal, Casemiro are regularly the best players. It's the young players and new signings that have mostly failed.
Zidane will take the blame but Florentino is at fault. Madrid should always aim to win everything, every single year. That's the expectation from the fans. He wanted to build his own team in his own way and sacrificed the short term for it which is inexcusable. And it's even more inexcusable because the signings for the long term haven't even proved to be very successful either.
Their transfer markets have been awful since 2017 or so. They were winning CL title after CL title then so noone cared but the decline started with the decisions made when they were at their best. They got very lucky that Barca have also declined massively and that their board managed to do even worse, that saved the Madrid board from a lot of criticism.