Not necessarily- most of the teams who completely bottomed out 5-10 years ago are now competing for flags
Eg
Melbourne 13-14. Prelim 18, flag 21
Carlton 15-18. Prelim 23. Currently tracking for another flag tilt
Bris 15-17. Finals 19-24. Many flag tilts, lost close GF 23.
Saints bottomed out from 2013-15 but just made crucial mistakes.
If we'd drafted better, made wiser list choices, we probably would've been competing for flags from 2020 onwards instead of a middle team (6, 10, 10, 6 last 4 years). If we had a Bontempelli level player the last 4 years (who we passed up for Billings) and another good player (say, if Carlisle's promising career hadn't been prematurely ended by injury) we probably make a prelim or two.
"Renovation" is a fair term. Saints can compete in 25 or 26 if things go well. They're not too far off it.
They're only 2 star players off top 4 I reckon, and do have a few good young players and a war chest. Which means 2 stars may yet appear.
Renovation is accurate, there is enough there to work with, just need to keep adding the right pieces and developing what is there more so as well.
Not every club follows the same path. We did a similar botched build to St Kilda for our 2009-13 era, except saints got Ross Lyon in after Ratts and we replaced Ratts with Malthouse who blew whatever was good about the side up.