it is now. They were going nowhere this year with or without Palmer. That was pretty clear especially after they lost Johnson.
It's the end of the Fitz era too. Pretty sure he'll retire after this season.
They have some youth to work with on defense as a foundation but on offense they're going to need to rebuild pretty much across the board. QB, OL and WR. I expect AP will be back next year at least as a hedge against Johnson's recovery.
As an organization they never recovered from the drubbing in the conference championship and now they're going to need to reboot and hope they can get good again with a different group of players.