In the NHL, each team fits into one of two distinct categories: the “win now” category and the “rebuild” category.
As the years pass by, the majority of teams flip-flop between the two categories. Some teams, like the Colorado Avalanche, saw short glimpses of win now in 2013 and 2014 before slipping right back into the rebuild phase. Other teams, like the Chicago Blackhawks, have been going strong in the win now mode for about nine years now after a decade of rebuild.
The timing varies for each team, but every team goes through each category at one point or another.