Just like all these young players mentioned, the likes of Isco, Asensio, Viniscus were all ready to step into Ronaldos shoes and their future was sorted for pennies compared to how badly we spent our money etc etc. They've spent a shed load over the last 3/4 years and haven't done anything in Europe, if they were up against a side who were competent in attack last week that would have continued into 2019.
Fans get blinded by youth. Its extremley rare that you can sort out the next decade of your side within two transfer windows. I'd also say the availability of players fools people in to thinking they're the best of the next generation. The flavour of the month generational player always seems to be a player from smaller aides who are gettable so the perceived transfer battle between the top sides elevates that young player as if he's Iniesta himself.
Let's just wait and see how it pans out.
Personally, I think Madrid's coaches are the architect of their problem. No doubt that they should have brought in a goal scoring forward who could have compensated for the loss of Ronaldo's goals rather than sticking with the likes of Asensio, Benzema, Vinicious or the injury prone Bale who weren't known to score as many goals like Ronaldo did for Madrid however majority of Madrid's woes were caused by their coaches.
For example, the midfield looks ageing and sluggish especially with the declining of Modric's mobility, considering it was his mobility that sustained Madrid's sluggish midfield of Kroos and Casemiro but with Modric declining, Madrid needs a reshuffle in the midfield. Ceballos should have replaced one of Modric and Kroos in the midfield. As a matter of fact, Madrid has won more games with Ceballos than without him except the game where the coach deployed him in the lone holding midfied role. The funny thing is the way Madrid's coach seem to dump him back to bench after a fantastic run in the team just to accommodate the more popular names like the sluggish Kroos or Isco who's actually mobile but dumb as regard to midfield play because he tends to hog the ball a lot and has a terrible movement and spatial awareness.
Secondly, Madrid's defence has looked abject so far with the ageing Ramos and Marcelo in defence. Both of them were players who were known as positionally suspect defenders but their weakness got covered by their pace which isn't what it used to be. Same happened to Boateng at Bayern. However, the problem is they don't have good replacement for Ramos in defence. They should have brought in a replacement in the summer. Moreover, Ramos is a big name that can't be shut out easily.
Hence, I would say Madrid need a more mobile midfielder which they already have in Ceballos but hardly utilise him. They need to replace Ramos in defence. I think they already replaced Marcelo. They need a quality striker to replace Benzema and lastly they need a X factor in the team and I think Hazard should solve that. A ball playing no 6 could also be signed to replace Casemiro to ensure more midfield dominance but that's not a necessity right now.